Canada investigating some banks as LIBOR probe widens

[Roland99]

http://www.reuters.com/article/2012/02/15/canada-liborprobe-idUSL4E8DF16J20120215

Canada's Competition Bureau is investigating certain financial firms as part of a widening global probe into how banks set key interbank lending rates, according to a statement from the agency.

Alexa Keating, a spokeswoman for Canada's Competition Bureau, said in a statement late on Monday that the agency is currently investigating "alleged collusive conduct" into the setting of yen LIBOR rates.

"The Ontario Superior Court granted Section 11 orders based on evidence that there are reasonable grounds to believe that certain parties in the industry have engaged in activities contrary to the conspiracy provision of the Competition Act," Keating said.

...

However, in a separate report published late on Tuesday, the Wall Street Journal said the Canadian affiliates of HSBC Holdings PLC, Royal Bank of Scotland Group PLC , Deutsche Bank AG, JPMorgan Chase & Co and Citigroup Inc were targeted by the agency.

[dixiegrrrrl]

1. Banks colluding??? Who woulda thought?

[Roland99]

2. Bank tells regulators of Libor manipulation: WSJ

http://www.marketwatch.com/story/bank-tells-regulators-of-libor-manipulation-wsj-2012-02-16

A major bank has admitted to regulators that traders and brokers manipulated the London interbank offered rate (Libor), used to set lending interest rates around the world, The Wall Street Journal reported late Thursday. The cooperating bank, which unnamed sources identified as UBS AG, told Canadian investigators that those involved in the alleged scheme "were able to move" the yen Libor at times between 2007 and June 2010, the report said. No charges have been brought in the international probe into rate fixing, although some people have been fired or suspended by major U.S. and European banks and brokers, the report said.