LIBOR

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There is evidence Australia’s bank bill swap rate was manipulated: so what now for regulators? AAP/Dan Peled

Years on, ASIC still grappling with swap rate fixing scandal

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…
Why is the City keeping its suffering under wraps? Robin Hawkes

Banks pay a heavy price for the crisis, but fail to count the cost

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? AAP Pictures

After a long line of financial disasters, UK banks on regulatory change

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

Is there egg on the RBA’s face?

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

A delayed reckoning: the US Federal District Court and LIBOR

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…
Under fire for manipulating the LIBOR rate, investment Bank UBS also tried to manipulate Australia’s local bill swap rate, say US regulators.

Don’t believe the hype; our own LIBOR scandal could be in the wings

Many months after the event, the Australian financial press has woken up to the fact that there was a financial scandal happening elsewhere. Worse still, it may also have happened here. The tabloid-like…
Re-run: if the US fiscal cliff has the same feel as last year’s debt ceiling crisis, we’re not surprised…

2012, the year that was: Business and Economy

Different year, same crisis. Around this time last year, the United States was looking down the barrel of economic disaster with the debt ceiling. As we approach 2013, it peers over the fiscal cliff. That…
The UK’s LIBOR system was designed to be transparent but difficult to game: so what happened? AAP

Watching the dominos fall in the LIBOR crisis

Imagine if we discovered that the monthly setting of the Reserve Bank of Australia’s cash rate was rigged. There would quite rightly be outrage. We trust the RBA Board to make these calls, month after…
As regulators finally move on the Libor scandal, are they asking themselves the right questions?

In the Libor scandal, where were the regulators?

Welcome to the third and final part of Back to the Future. AS HSBC is fined US$1.9 billion for “egregious” money laundering and the first arrests are made in the Libor scandal, the need for the public…

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