Post-trade infrastructure provider Depository Trust & Clearing Corp. (DTCC) has launched the LIBOR Benchmark Replacement Index Solution to help firms make the transition from the corrupted London Interbank Offered Rate benchmark to the Secured Offered Financing Rate (SOFR) and other replacement rate indices by June 30, 2023. The new offering is available now via DTCC’s… Read More >>
All Eyes on the Barclays Libor Trial
The outcome of the current Libor trial of five former Barclays traders in London is too difficult to forecast but lawyers expect that a guilty verdict could unleash a wave of other criminal and civil cases as well as lend support to the beleaguered Securities Fraud Office (SFO). “This case has generated a great deal… Read More >>
Deutsche Bank’s $2.5B Fine Puts Focus Back on Compliance
Despite revealing massive fraud at one of the world’s largest financial institutions, Deutsche Bank’s recent $2.5 billion settlement with regulations could have a silver lining, industry observers say. Deutsche Bank’s fine came at the end of a seven-year probe into manipulation of the London Interbank Offered Rate (Libor) by its traders and exposed widespread fraud… Read More >>
Special Report: Suicide in the Financial Services Arena
Has there really been a “spate” or an “epidemic” of financial world suicides in 2014? There certainly has been a spate of news stories suggesting so. The truth, though, is that the rate of suicide in the financial services industry appears actually to be lower than that of the general population in the U.S., though… Read More >>
LIBOR Fallout: Lloyds Fires Eight
Lloyds Banking Group, which this past summer paid $370 million to settle charges in the U.S. and the U.K. that between 2006 and 2009 it had been involved in the manipulation of the London Interbank Offered Rate (LIBOR) and other benchmark interest rates, reports that eight employees have been dismissed in connection with the scandal…. Read More >>
Ops Risk and Compliance in an Age of Scandal
Operational risk and compliance staffs are surely on alert after federal prosecutors charged SAC Capital Advisors with criminal acts of fraud. This growing scandal closely follows the CFTC’s monetary penalties and one-year trading ban for high frequency trading firm Panther Energy Trading, which allegedly used algorithms to place buy orders and then swiftly cancel them to… Read More >>
