NYSE Euronext to take over scandal-hit Libor
Source: Reuters
(Reuters) - The U.S. owner of the New York Stock Exchange (NYSE) (NYX.N) will take over the running of Libor, the benchmark interest rate at the centre of a global rigging scandal, wresting control from a British bankers' trade body for a token 1 pound ($1.50).
An important cog in the world financial system, Libor rates are benchmarks for some $550 trillion in contracts from complex derivatives to credit card bills. But Libor's credibility was destroyed by revelations that traders had routinely manipulated them to their own advantage.
NYSE Euronext will from early 2014 take over Libor from the British Bankers' Association (BBA), which had administered the rates since the 1980s, a British committee set up to choose a new operator said on Tuesday.
However, Libor - or London interbank offered rate - will continue to be regulated by Britain's Financial Conduct Authority (FCA), according to the advisory committee chaired by Sarah Hogg, appointed in October last year by the finance ministry to look for a successor to the BBA in taking ownership of setting Libor rates.
Read more: http://uk.reuters.com/article/2013/07/09/uk-libor-nyse-idUKBRE9680G420130709
hobbit709
(41,694 posts)StevePaulson
(174 posts)Regardless the crime, there is a zero chance any banker will ever be prosecuted in the US for manipulation.
The United States is a prosecution free Rape and Pillage zone.
Here, a banker could kill a dozen people, and he would get a bonus......
Welcome to the new Amerika
And this is 100% the fault of PRESIDENT OBAMA
Sorry Barry, gotta callem as I seeum.
By the way, how many bankers is Holder fell%#ing today? His lips must be leather.
StevePaulson
(174 posts)How many bankers did you prosecute for libor related fraud?
Oh I know "fines" are good enough.
The companies pay the fines, and the pigs are free to rig the game in a new way next week.
Swell.
It's just you and me that have to pay a few "points" so the ruling class can get their proper "returns" right?
Taken right straight out of my ass.
You know there is a whole lot of Americans who are getting tired of getting ass rap$d by the 1%.
dipsydoodle
(42,239 posts)(Reuters) - Former UBS and Citigroup trader Tom Hayes appeared in a London court on Thursday accused of conspiracy to defraud in connection with a global investigation into the Libor interest rate rigging scandal.
Hayes is the first suspect to face a court in an inquiry stretching from North America to Asia into how traders rigged crucial benchmark rates such as Libor (London interbank offered rate), against which trillions of dollars of loans are priced.
Dressed in a blue open-necked shirt and tan trousers, 33-year-old Hayes stood in the dock at London's Westminster Magistrates' Court to hear eight offences read out relating to his time at UBS and Citigroup in Japan between August 2006 and September 2010.
Prosecutors allege he conspired with employees from institutions including UBS, Citigroup, Royal Bank of Scotland, Deutsche Bank, JPMorgan Chase, HSBC, Rabobank and interdealer brokers ICAP, Tullett Prebon and RP Martin to manipulate rates.
http://uk.reuters.com/article/2013/06/20/uk-libor-hayes-idUKBRE95J0GU20130620