• Wed
  • Sep 17, 2014
  • Updated: 6:47am

Libor

Libor (London interbank offered rate), is meant to represent how much banks pay to borrow from one another. It is also a benchmark for at least US$550 trillion worth of contracts spanning interest rate derivatives to residential mortgages. A scandal erupted after banks were found to be rigging the system. Barclays was fined US$453 million by global regulators in June 2012 for manipulating Libor, and UBS was hit with a US$1.5 billion bill in December 2012. In February 2013, RBS was fined US$612 million to settle US and UK regulatory charges of misconduct, manipulation, attempted manipulation and false reporting of yen, Swiss franc and dollar-denominated Libor. 

US regulator sues 15 banks, including HSBC, for rigging Libor benchmark

The US Federal Deposit Insurance Corporation (FDIC) has sued HSBC, Citigroup, Deutsche Bank and 12 other big global banks for manipulating the Libor benchmark interest rate.

Sunday, 16 March, 2014, 5:54am

3 Rabobank ex-traders charged with manipulation of yen Libor

Three former traders at Dutch lender Rabobank were criminally charged on Monday with manipulating the yen Libor benchmark interest rate, the US Department of Justice said.

14 Jan 2014 - 3:02pm

EU fines five banks and a broker HK$18b for fixing Libor, other rates

European Union antitrust regulators fined six financial institutions including Deutsche Bank, Royal Bank of Scotland and Citigroup a record total of €1.71 billion (HK$18 billion) for rigging financial benchmarks.

5 Dec 2013 - 3:56am 5 comments

Nine top banks sued by Fannie Mae over Libor fixing

Fannie Mae sued nine of the world’s largest banks on Thursday, accusing them of colluding to manipulate interest rates and seeking more than US$800 million of damages.

1 Nov 2013 - 2:35pm

More to be charged over Libor scandal

Britain's leading prosecutor, the Serious Fraud Office, is poised to charge more individuals in connection with a global investigation into the Libor interest-rate-rigging scandal.

7 Oct 2013 - 6:19am

Libor case raises integrity issues

Evidence that interdealer brokers at ICAP conspired to rig Libor for a bank trader raises questions over such firms' role as honest go-betweens among banks and highlights the pressure customers can put on them.

27 Sep 2013 - 1:36am

UK fraud prosecutor charges two brokers in Libor probe

Britain’s fraud prosecutor has charged two former brokers at interdealer broker RP Martin with rigging Libor benchmark interest rates, broadening the scope of the investigation into the scandal beyond big banks.

16 Jul 2013 - 8:37am

Financial benchmark reform may stumble on patchy take-up

A global blueprint intended to stamp out manipulation of financial benchmarks, expected to be published late this week, risks failure if individual countries persist in pursuing their own regimes.

Regulators are expected to unveil final guidelines for improving transparency and oversight of benchmarks covering everything from interest rates to oil and gold.

15 Jul 2013 - 11:53am

NYSE Euronext to take over running of Libor

The company behind the New York Stock Exchange will take over running and restoring confidence in the scandal-hit London interbank offered rate, or Libor, a British committee has ruled.

10 Jul 2013 - 4:38am

Japan banking body to tighten interbank rate monitoring

Japan’s banking industry group said on Friday it will tighten monitoring of how its interbank lending rates are set, responding to growing public distrust in benchmark rates around the world in the wake of rate-rigging scandals.

5 Jul 2013 - 1:48pm

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