The following Financial Services practice note Produced in partnership with Brown Rudnick LLP provides comprehensive and up to date legal information covering:
Over the past decade, there have been major concerns surrounding the administration and manipulation of financial market benchmarks, which have led to investigations by regulators around the world and consequent enforcement action. Partly as a consequence of this enforcement action, changes have been made to the way in which these benchmarks are being run and administered. The benchmarks which have been the focus of enforcement action include foreign exchange, gold fixing and gilts, among others. However, much of the enforcement action and media attention has centred around the manipulation of LIBOR.
This Practice Note summarises regulatory enforcement actions surrounding the manipulation of benchmarks, including LIBOR, EURIBOR, foreign exchange (FX) and gold benchmarks. At the end of the Practice Note there are tables setting out the regulatory actions taken against both firms and individuals for benchmark manipulation; these include: the names of firms/individuals; links to the FCA/FSA Final Notice and related press release; the breaches/failings; the FCA/FSA financial penalty/enforcement action; and related UK/international civil/criminal penalties.
LIBOR stands for the London Inter-Bank Offered Rate. It has been the world’s most widely used benchmark for short-term interest rates. LIBOR was historically calculated as the average rate that a group of leading banks estimated they could borrow from each other over different terms and in different currencies.
The LIBOR rate was overseen by the British Bankers Association (BBA),
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