The London Interbank Offered Rates is one of the world’s key financial tools, but the 2008 rigging scandal has led to calls for its being phased out. Can we find better ways of building the LIBOR rate?
With all the weight of evidence stacked against the banks in the case of BBSW benchmark, surely now is the time for the government to enforce regulation.
Former ANZ chief Mike Smith remains as a ‘non-executive advisor’ to the bank’s board.
Sam Cardwell/AAP
Taking ultimate responsibility for your company’s actions hasn’t been a popular choice for bosses, but Jain and Fitscher have now set a strong example.
HSBC heading for the bright lights.
Alex Hofford/EPA
The culture of foreign exchange market has changed significantly, but problems persist with the market that make it susceptible to further transgressions.
Banks including Barclays are being hit with another round of fines for bad behaviour.
Andy Rain/EPA/AAP
The wheels of justice grind exceedingly slow and nowhere slower than in the Sydney headquarters of the Australian Securities and Investments Commission (ASIC). A recent report appears to show that ASIC…
Heads or tails this banker will cheat.
Nomad_soul via shutterstock
There is something in the culture of banking that lends itself toward making otherwise fairly good people do bad things. That’s the finding of a new study published in the journal, Nature. And it may simply…
Why is the City keeping its suffering under wraps?
Robin Hawkes
Roger McCormick, London School of Economics and Political Science and Chris Stears, School of Advanced Study, University of London
The major international banks are being lumbered with more and higher fines as the fallout from the financial crisis continues. Our research as part of the Conduct Costs Project at the CCP Research Foundation…
The City has been plagued by financial disasters. Will the replacement of the Financial Services Authority with two new banking regulatory bodies be enough to stop the rot?
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If the UK Financial Services Authority (FSA) had been a dog, it would have been about 86 years old when it was put down on April Fool’s Day this year. Uncharitably, some say that the FSA, the lead regulator…
An about-face by the Australian Financial Markets Association on the way our bank bill swap rate is calculated comes as the US mortgage giant Freddie Mac filed a lawsuit alleging unlawful conduct by a number of investment banks.
AAP
Last week, the Australian Financial Markets Association (AFMA), the investment bankers’ trade union, announced that it was changing the way that it calculated the Bank Bill Swap rate (BBSW), the Australian…
A “substantial portion” of claims in private lawsuits against the banks involved in the LIBOR scandal have been dismissed by the US Federal District Court.
Image sourced from Shutterstock.com
The major banks implicated in the London Interbank Offered Rate (LIBOR) manipulation scandal received a major boost in their ongoing litigation strategies with the dismissal of large components of a consolidated…