Scandal and rickety economics have undermined the benchmark interest rate
Tag: Libor
A scramble to replace LIBOR is under way
SITTING in his office in the Wrigley Building overlooking the Chicago river in 2012, Richard Sandor, who has spent his career inventing financial products, was reading about the scandals surrounding the London Interbank Offered Rate (LIBOR), an array of interest rates set daily by a club of banks in Britain and used to price trillions […]
The demise of Libor is part of a massive global trend that many overlook
Thomson Reuters For decades, the public put its trust in technocrats. The thinking was that the economy and politics had become too complex for ordinary citizens to understand. And that the best way to handle it was to allow the experts to take over. They were perceived to be skillful and knowledgeable enough to manage […]
US indicts former SocGen managers for Libor manipulation
Published time: 25 Aug, 2017 14:31 Two former managers at the French bank Societe Generale have been accused of participating in a scheme to manipulate the global US dollar Libor benchmark interest rate. Read more According to the US Justice Department, Danielle Sindzingre and Muriel Bescond allegedly used their positions at the bank’s offices in […]
Libor will be formally ditched in 2021 says Britain’s top financial regulator
Pixabay The infamous Libor benchmark lending rate will be dropped by 2021, the UK’s top financial regulator has announced. Andrew Bailey, head of the Financial Conduct Authority (FCA), said the benchmark rate will no longer receive the backing of regulators as the industry moves to a more reliable marker, although it remains unclear how legacy […]
