All LIBOR articles – Page 2

  • Derivatives

    FASB offers changes to ease reference rate transition


    FASB is proposing guidance intended to ease the potential accounting burden companies expect to face as they navigate reference rate reform.

  • Federal Reserve

    SEC: Transition from LIBOR has taken on ‘urgency’


    Regulators are starting to freak out a little over what will happen in U.S. financial markets in 2021 when a major benchmark interest rate is expected to vanish.

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    LIBOR death knell tolls compliance, accounting issues


    The slow death of a critical benchmark interest rate will produce a series of compliance headaches for companies stretching over the next few years.

  • Blog

    Executives behaving badly—at what cost?


    FCPA violations from SocGen and Legg Mason may point to a new trend of holding the C-Suite accountable, but will voluntary resignations be seen as enough of a penalty?

  • Blog

    SocGen to pay $860M in FCPA and LIBOR case


    French banking group Société Générale and its wholly owned subsidiary, SGA Société Générale Acceptance, will pay a combined total penalty of more than $860 million to resolve charges with criminal authorities in the United States and France, the Department of Justice announced June 4.

  • Blog

    Sometimes, a fine isn’t enough


    U.S. regulators want companies to take firm disciplinary action against employees who are involved directly—or even indirectly—in the conduct at the heart of violations.

  • Blog

    Financial Conduct Authority bans former Deutsche Bank trader


    The U.K. Financial Conduct Authority has fined Guillaume Adolph, a former short-term interest rate derivatives trader at Deutsche Bank, £180,000 and banned him from performing any function in relation to any regulated financial activity.

  • Blog

    Bank of England: Risks posed by Brexit and LIBOR


    In a report published this week, the Bank of England warned that Brexit poses “significant risks” to U.K. financial services companies, while also declaring publicly for the first time that LIBOR poses a financial stability risk.

  • LIBORBankDollarSign

    Barclays bank reaches $100m U.S. settlement over LIBOR rigging scandal


    A long-running investigation by the State of New York into Barclays’ manipulation of LIBOR rates before the 2008 financial crisis finally draws to a close. Neil Hodge reports.

  • Blog

    Barclays will pay states $100 million for LIBOR manipulation


    Barclays will pay $100 million as part of a 44-state settlement “for fraudulent and anticompetitive conduct” involving manipulation of the LIBOR benchmark interest rate.

  • Blog

    Two former Deutsche Bank employees indicted on fraud charges


    The Department of Justice announced today the indictment of two former Deutsche Bank traders—the bank’s supervisor of the pool trading desk in New York and a derivatives trader in London—for their alleged roles in a scheme to manipulate the USD London InterBank Offered Rate, a benchmark interest rate to which ...

  • Blog

    Barclays’ Cost of Conduct Woes Continue


    Barclays is set to pay £65.7 million to settle allegations that it manipulated foreign exchange markets—adding to the $120 million the British bank already paid to the New York Department of Financial Services for its involvement in the Libor scandal. According to a report from the CPP Research Foundation, Barclays’ ...

  • Blog

    Report: U.K. Regulator’s Victory in the Libor Scandal


    Image: Tom Hayes, once a “star trader” at UBS and Citigroup and the first to stand trial in the Libor scandal, has been charged with eight counts of conspiracy to manipulate Libor and will serve 14 years in prison. This case serves as a major turning point for the U.K. ...

  • Blog

    Five Major Banks Agree to Parent-Level Guilty Pleas


    Five major banks—Citicorp, JPMorgan Chase, Barclays, The Royal Bank of Scotland, and UBS—last week agreed to plead guilty to conspiring to manipulate the price of U.S. dollars and euros exchanged in the foreign currency exchange (FX) spot market. The banks also agreed to pay criminal fines totaling more than $2.5 ...

  • Article

    Brit Banking Regulators Wield Attestation More Often


    Deutsche Bank paid $345 million to British regulators for its role in the LIBOR scandal, $153 million of that stemming from a false attestation the bank submitted about its internal controls. Those attestations are emerging as a potent tool for the U.K. Financial Conduct Authority. “This case sends a strong ...

  • Blog

    JPMorgan’s Laundry List of Government Probes


    JPMorgan disclosed last week in a quarterly filing with the Securities and Exchange Commission that it is under several investigations concerning a wide variety of claims, including violations of the Foreign Corrupt Practices Act, foreign exchange sales, LIBOR, and much more. “Investigations involve both formal and informal proceedings by both ...

  • Blog

    Libor Scandal Costs Deutsche Bank $2.5 Billion in Penalties


    Deutsche Bank and its subsidiary, DB Group Services (U.K.), pleaded guilty to wire fraud for their role in manipulating the London Interbank Offered Rate and agreed to pay $775 million in criminal penalties to the Department of Justice, bringing the total amount of penalties against the bank to $2.5 billion. ...