About: Libor


Commission fines banks €485 million for derivatives cartel

The European Commission fined JP Morgan (€337 million), Crédit Agricole (€114 million) and HSBC (€33 million) on Wednesday (7 December) for participating in a cartel in euro interest rate derivatives initially unveiled in December 2013.
Euro & Finance 21-10-2015

EU regulators avoiding controversial messaging platform

Few scandals illustrated the buildup to the financial crisis better than the interest rate rigging case, when banks twisted the rules, and avoided regulators, in order to fill their pockets.
Deutsche Bank sign
Euro & Finance 24-04-2015

Deutsche Bank fined record $2.5 bln over Libor rate rigging

On Thursday (23 April), Deutsche Bank agreed with US and British authorities to pay a record $2.5 billion in fines, over manipulated benchmark interest rates it used to price contracts in Europe, and around the world.
Professor Andrew Clare, CASS Business School
Brexit 18-02-2015

EU’s financial indices regulation ‘bizarre and wrong’

The regulation of financial indices and benchmarks will stifle innovation and is part of a move by Brussels to “regulate anything they don’t understand”, Andrew Clare told EURACTIV.
Brexit 12-06-2014

UK to adopt own rules against market manipulation

British finance minister George Osborne will reject EU plans to outlaw currency market manipulation today (12 June) and instead offer his own proposals to make rigging exchange rates a criminal offence.
Euro & Finance 20-05-2014

Commission charges HSBC, JPMorgan, Credit Agricole with rate-rigging

European Union antitrust regulators charged Europe's biggest bank HSBC, US peer JPMorgan and France's Credit Agricole on Tuesday (20 May) with rigging financial benchmarks linked to the euro, exposing them to potential fines.
Euro & Finance 04-12-2013

Libor/Euribor bank cartel hit with largest Commission fine

EU antitrust regulators fined six financial institutions including Deutsche Bank, Royal Bank of Scotland and Citigroup a record total of €1.71 billion today (4 December) for rigging financial benchmarks.
Euro & Finance 04-12-2013

EU regulators to fine 5 banks for rate rigging

EU antitrust regulators will impose record multi-million euro fines on six banks including Citigroup, Deutsche Bank and Royal Bank of Scotland on Wednesday (4 December) for rigging key interest rate benchmarks, sources said.
Euro & Finance 05-11-2013

EU lawmakers pledge speedy Libor reform, scope debated

European Union lawmakers have pledged rapid approval of a draft EU law to regulate market benchmarks such as Libor, though they sparred over how comprehensive the new regime should be.
Euro & Finance 19-09-2013

EU cracks down on interbank ‘benchmark’ indexes

The European Commission proposed sweeping new rules yesterday (18 September) that aim to avoid repeats of the scandals affecting the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor) in 2012.
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Economy & Jobs 18-09-2013

EC’s Michel Barnier on the proposal for member states to regulate benchmarks

The Commission yesterday (18 September) proposed sweeping new governance of benchmarks aiming to avoid repeats of the scandals affecting the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor) in 2012.
Trade & Society 07-06-2013

Oil reporting agencies reel at proposed EU ‘benchmarking’

Tough new rules proposed by the European Union for financial benchmarks would seriously threaten oil price reporting agencies (PRAs), industry sources say, as they could impose huge liabilities on oil publishers and participants.
Competition 06-09-2012

Libor scandal provokes regulatory overhaul

Following the recent manipulation of the Libor interest rate index, the European Commission yesterday (5 September) launched a consultation to examine regulating financial indexing benchmarks.
Euro & Finance 26-07-2012

[VIDEO] EU: bank-rate manipulation to become criminal offence

Speaking at a press conference in Brussels, Michel Barnier, EU Internal Market Commissioner, presented on Wednesday (25 July) EU-wide action to fight rate-fixing. His colleague in charge of justice and home affaires, Viviane Reding, slammed what she described as a "bankster" culture.
Brexit 26-07-2012

EU’s Reding slams ‘bankster’ culture, raps Bank of England

The European Commission warned yesterday (25 July) that the EU could take over supervision of benchmark interest rate indexes such as London's Libor, with EU Justice chief Viviane Reding unleashing a broadside at the Bank of England for its failure to stamp out rigging.
Brexit 26-07-2012

Euribor cuts Libor adrift in scandal storm

Brussels-based interest rate index Euribor has distanced itself from its beleaguered London counterpart Libor, saying it could not have been rigged like its British equivalent, EURACTIV can reveal.