One of the most lucrative, and contentious, trades of 2023 has emerged in an obscure corner of financial markets, minting overnight profits for the hedge fund crowd of as much as 35%. The play: Load up on 1980s-era bank bonds …
Untangling the vast global derivatives industry from Libor just got a bit easier. The London interbank offered rate is hardwired into swaps and other contracts worth hundreds of trillions of dollars, but it’s slated to disappear in the not-too-distant future. …
Britain’s top financial watchdog delivered a 10-point plan to fix Libor, but stopped short of scrapping the benchmark interest rate in a much-awaited reform of a system plagued by scandal. “The system is broken and needs a complete overhaul,” said …
A federal judge on Wednesday suspended several new lawsuits that allege banks rigged key interest rates, saying she first needed to sort through the issues in an earlier round of related lawsuits. U.S. District Judge Naomi Reice Buchwald said from …
Europe’s biggest insurer, Allianz SE, is worried about the role central banks may have played in an interest rate rigging scandal that has enveloped some leading international lenders, the insurer’s chief financial officer said on Friday. “We do not find …
The Royal Bank of Scotland, which is majority owned (82 percent) by the UK government, confirmed on Friday it has dismissed a number of employees for misconduct as a result of its investigations into the Libor interest rate rigging scandal …
The scope of the investigations that are unfolding in the wake of the charges against Barclay’s Bank that it rigged the London Interbank Offered Rate (Libor) have taken on the proportions of a major catastrophe. “17 of the 24 largest …
Leading European banks reported dismal profits on Tuesday, blaming everything from the continent’s debt crisis and Spain’s property market crash to Facebook’s disastrous stock market debut. Within a space of an hour UBS of Switzerland, Deutsche Bank, BBVA of Spain …
The UK’s Financial Services Authority (FSA) is reviewing how wholesale markets are supervised following the interest rate-setting scandal, its chairman Adair Turner said on Tuesday. “There are no free lunches, and shoddy wholesale practice is not a victimless act, even …
Britain will expose on Friday a second scandal involving the country’s banks in as many days, as Barclays boss Bob Diamond clings to his job after regulators slapped a record fine on the lender for rigging interest rates. The Financial …
