Major U.S. stock exchanges and Barclays won the dismissal of litigation in which pension funds and other investors accused them of rigging markets.» Read More
Major banks, which often band together when facing government scrutiny, are now turning on one another as an international investigation into the manipulation of interest rates gains momentum. The NYT reports.
The Swiss National Bank has euros ready to unload, and these strategists point to currencies that should benefit.
Libor, the London Interbank Offered Rate, could be scrapped altogether and replaced with an interest rate that is set using actual trades, according to a review set up by the UK government. The FT Reports.
The chairman of one of Dubai’s best-known family-owned conglomerates is not considering investing in European banks again following a disappointing run as a stakeholder of Barclays.
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The London Interbank Offered Rate (Libor) is flawed and should no longer be calculated by the British Bankers’ Association (BBA), Howard Davies, Professor at Sciences Po and former chairman of the Financial Services Authority told CNBC.
"I think the Libor scandal is going to go on for a while, we are about ten percent into it. Firstly the problems of Barclays haven't finished the criminal prosecutions but also civil suits and this will be the case for all banks," Satyajit Das, author of Extreme Money: Masters of the Universe and Cult of Risk.
American authorities did not warn British officials about the rate-rigging scandal at the height of the financial crisis in 2008, according to documents released by the Bank of England on Friday, the New York Times reported.
The flaws in the rate-setting process have been exposed by the latest banking scandal. Regulators around the world are investigating whether big banks gamed the rates for their own benefit before and after the financial crisis, the New York Times reports.
"Looking at those emails, it looks like they had pretty explicit notification of some very bad behavior, and I don't understand why they didn't investigate," Bair told CNBC.
Regulators are focusing on at least four of Europe’s biggest banks as they investigate the attempted manipulation of the region’s benchmark interest rate, The Financial Times reports.
The very existence of the London Interbank Offered Rate (Libor) has been threatened by the escalating scandal involving banks allegedly manipulating the rate during the credit crisis.
What exactly can be done to fix the Libor system or is it worth fixing at all? Catherine Boyle has more.
The thousands of community banks have often said their much larger counterparts have trampled on them. Now some hope the latest Wall Street scandal could give them ammunition to strike back.
Libor is “structurally flawed” and an international effort would be needed to restore the rate’s credibility as the leading benchmark for mortgages, derivatives and corporate lending around the world, Ben Bernanke, US Federal Reserve chairman, told Congress on Tuesday, the Financial Times reports.
In this excerpt from a live interview at the "Delivering Alpha" conference presented by CNBC and Institutional Investor, Treasury Secretary Timothy Geithner defends his actions in 2008 after the New York Federal Reserve learned that Barclays and other banks were not reporting accurate data on a key London-based interest rate. He also promises more enforcement is coming.
"There is a real confluence of events here, the British banks are getting repeatedly nailed by the US authorities this month, there is a risk here that the US authorities, whether it is lawmakers or regulators start to perceive the British banking industry as a lawless cesspit," David Enrich, European banking editor at the Wall Street Journal, told CNBC.
"The Bank of England at that time were desperate to try and get interest rates down because they were so worried about the state of the economy and the state of the financial system and every bank has an incentive to show that it has a low cost of funds to show that it is financially stable," Jan Toporowski, professor of Economics, SOAS, told CNBC.