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The ex-trader convicted of rigging LIBOR says there were 6 'deficient' areas...
LONDON — Tom Hayes, the former banker convicted for his role in rigging the London Interbank Offered Rate (LIBOR), is launching another appeal against his conviction because there were six areas where...
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TOM HAYES' LETTER FROM PRISON: The ex-trader convicted of rigging LIBOR...
LONDON — Tom Hayes, the former banker convicted for his role in rigging the London Interbank Offered Rate (LIBOR), has written a letter from Lowdham Grange prison in Nottinghamshire outlining why he is...
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'What the f--- kind of bank is this?': The moment the biggest financial...
It was the moment the biggest financial conspiracy ever seen started to fall apart."What the f*** kind of bank is this?"Chris Cecere, a Citigroup executive based in Japan, was asking Andrew Morton, a...
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Britain's financial regulator has been 'secretly' warning City executives
LONDON — Britain's regulator, the Financial Conduct Authority (FCA), has privately warned as many as 40 senior figures within City financial firms in the past five years, it was revealed on Sunday.The...
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'Top executives still walk away rich' — An interview with David Enrich, whose...
LONDON – The Libor manipulation scandal, which hit four years after the 2008 financial crisis, risked breaking all trust in London's ability to function as a financial centre.Libor, an benchmark...
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2 former Barclays traders were acquitted in the latest Libor rigging trial
LONDON (Reuters) — Two former Barclays traders were acquitted by a jury on Thursday of conspiring to rig benchmark interest rates.Ryan Reich, a 35-year-old American, and Greek national Stylianos...
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Secret recording reportedly implicates the Bank of England in LIBOR fixing
A secret recording of two former Barclays bankers allegedly puts the Bank of England in the middle of the LIBOR fixing scandal that rocked the country, says the BBC.In the recording from 2008, one...
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Treasury Select Committee MP calls for renewed investigation into secret...
Chris Philp MP told Business Insider that he will officially call for the reopening of a Treasury Select Committee (TSC) investigation into LIBOR rigging, now that a secret recording of two former...
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TOM HAYES: 'Traders like me should not be in prison' for the Bank of...
Tom Hayes, the former banker convicted for his role in rigging the London Interbank Offered Rate, says "traders like me should not be in prison" because the Bank of England pressured commercial banks...
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A group of the world's biggest banks backed an alternative to Libor –...
LONDON – A panel of banks including Goldman Sachs, Barclays and Deutsche Bank voted to recommend an alternative to Libor for use in sterling derivatives.A Bank of England working group approved SONIA –...
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A committee of the world's biggest banks chose a new alternative to the...
A body set up by the US government to investigate reforms of how banks lend to one another has decided on a new benchmark rate to replace LIBOR — the gauge which was the subject of a huge price rigging...
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Libor will be formally ditched in 2021 says Britain's top financial regulator
The infamous Libor benchmark lending rate will be dropped by 2021, the UK's top financial regulator has announced.Andrew Bailey, head of the Financial Conduct Authority (FCA), said the benchmark rate...
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The demise of Libor is part of a massive global trend that many overlook
For decades, the public put its trust in technocrats.The thinking was that the economy and politics had become too complex for ordinary citizens to understand. And that the best way to handle it was to...
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The Bank of England is taking over the replacement for Libor
LONDON – The Bank of England will start setting the interest rate benchmark to replace Libor in April 2018.The central bank will take over the administration of the SONIA rate – which stands for the...
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A forgotten metric is at its highest level since the financial crisis —...
A measure of how expensive it is for banks to borrow has increased more than five-fold in just four months. Libor-OIS just surpassed levels last seen in 2011, and is now at its highest point since the...
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The Fed is trying to replace a decades-old benchmark rate — here's what you...
The Fed released a new US benchmark rate on Tuesday called the SOFR (Secured Overnight Financing Rate). The rate is widely seen as designed to replace the LIBOR (London Interbank Offered Rate).The SOFR...
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Investors with trillions at stake are 'gorging like pigs at the trough' — and...
As US borrowing costs rise, it will be more important to track debt levels and how easily people are able to repay their obligations. Investors in the stock market are borrowing at record levels to...
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Court documents claim a senior Bank of England official knew about LIBOR...
Senior figures at the Bank of England reportedly knew about the "rigging" of the London Interbank Offered Rate (LIBOR) as early as mid-2007, according to documents used in a legal case and cited by...
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3 former Barclays traders were just denied their Libor appeal request
LONDON (Reuters) - Three former Barclays traders jailed for manipulating Libor benchmark interest rates after a London trial have been denied a request to appeal against their conviction and sentence,...
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Switzerland fines banks including JPMorgan and Barclays $97.3 million for...
ZURICH — The Swiss Competition Commission (COMCO) fined several European and US banks almost 100 million Swiss francs ($97.3 million) over interest rate cartels, the latest punishment dished out in...
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