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Articles on LIBOR

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London’s financial district at night. Gordon Williams/Unsplash

LIBOR: elections, manipulations – and a possible fix

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?
Westpac Chief Executive Officer Brian Hartzer gave excuses for traders behaviour in regards to the BBSW benchmark. David Moir/AAP

Banking excuses wearing a bit thin

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.
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

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…

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