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A new book alleges that banks were pressured by central banks and governments to manipulate the London Interbank Offered Rate, or Libor, in an attempt to boost confidence in the financial sector. The book, which is being serialised in The Times, claims that regulators and prosecutors knew about this pressure, but covered it up when [...]
The former banker who spent five years inside for ‘rigging’ Libor rates has told City A.M. he feels he owes it to other convicted traders to keep fighting to clear his name. Tom Hayes, who worked at UBS, was one of a number of traders sentenced for a cumulative total of almost 50 years for [...]
A major City scandal that most bankers in London had left behind years ago seems to be coming back with a vengeance. In a new twist in one of the Square Mile’s biggest-ever scandals, the Libor rate-fixing case, British former trader Tom Hayes has had the long-running case against him in the United States thrown out. As [...]
The former Centre Point owner has tabled a £1.5bn legal claim against Lloyds Banking Group, pointing to the Libor scandal as reason for his property firm’s woes. Founder of property investment firm Targetfollow, Ardeshir Naghshineh, said he would have never taken out certain loans if he had knowledge of the Libor benchmark being manipulated fraudulently. [...]
US watchdog the Commodity Futures Trading Commission (CFTC) has awarded a record almost $200m to a former Deutsche Bank employee who raised the alarm about Libor-rigging, in the biggest-ever US whistleblower payout. The regulator said the payment had been made for “specific, credible and timely original information” that “significantly contributed” to an already “open investigation” [...]
An academic paper that claims Tom Hayes was wrongfully convicted for rigging Libor interest rates is under review by the Criminal Cases Review Commission (CCRC). It’s the latest development in an ongoing inquiry by the CCRC – the body responsible for investigating suspected miscarriages of justice – into the former trader’s case. The CCRC confirmed [...]
The Financial Conduct Authority announced this morning a formal end to nearly all Libor rates at the end of this year, putting pressure on markets to complete their biggest change in decades. The so-called London Interbank Offered Rate, or Libor, will be replaced by rates compiled by central banks. The change comes after financial institutions [...]
The Financial Conduct Authority (FCA) has again reminded firms they must complete their transfer away from the Libor benchmark interest rate this year. The city watchdog said firms had just one year left to remove their remaining reliance on these benchmarks. Libor, or the London Interbank Offered Rate, is an interest rate benchmark used in [...]
Tom Hayes, a former UBS and Citigroup trader convicted of rigging the Libor benchmark, is to be released from prison in January after more than five years. Hayes, who was convicted of rigging the London interbank offered rate (or Libor) in 2015, will be released on 29 January, according to his lawyer. The 41-year-old has [...]
Financial markets need to prepare themselves for regulatory announcements about the Libor benchmark interest rate ceasing at the end of next year, the City watchdog said. “Market participants need to be ready for announcements later this year setting out what will happen at the end of 2021,” the FCA’s director of markets, Edwin Schooling Latter, [...]
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