LIBOR

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LIBOR, the London Interbank Offered Rate, is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks.

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The likely replacement for Libor may be just as prone to abuse

FCA Logo

Following the investigations into alleged manipulation of the London Interbank Offered Rate (Libor), in July the head of the Financial Conduct Authority (FCA), Andrew Bailey, announced plans to abandon this “unsustainable” benchmark, and transition to an alternative rate.

SocGen bankers indicted

Societe General Sign

Two Societe Generale bankers in France were charged in New York with rigging the London interbank offered rate as U.S. prosecutors press ahead with a seven-year international probe into manipulation of the benchmark rate despite a recent setback that makes it tougher for them to win cross-border cases.

Ex-Barclays trader in bid for appeal

Barclays Sign

A second convicted Libor trader submitted his case to an independent U.K. criminal review body in a bid for an appeal after the panel accepted the case of Tom Hayes, who became the best known banker in the scandal.

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Bank Of England Building

Ex-UBS / Citi trader writes from prison

Tom Hayes, the trader jailed last year for his role in attempts to manipulate Libor, has written to the head of the Serious Fraud Office over fresh claims that the Bank of England was aware of how the key benchmark was “lowballed” in the run-up to the financial crisis.

Deutsche Bank - Foyer Bridge

Ex-Deutsche Bank trader wins dispute with FCA

A London judge ruled former Deutsche Bank trader Christian Bittar was improperly identified in a regulatory sanction notice against the bank over Libor in a significant setback for the Financial Conduct Authority.

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