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Six Banks to Fix Foreign Exchange Fixing Violations Via £1-2 Bln Settlement
- According to a Financial Times report the FCA started settlement negotiations with Barclays, Citigroup, HSBC, JPMorgan Chase, the Royal Bank of Scotland and UBS for foreign exchange fixing manipulation.
Friday, 26/09/2014 | 16:25 GMT by
Victor Golovtchenko
Thomson Reuters Eikon Messenger Integrates Markit’s Financial Professionals Network
- Boasting more than 250,000 users, Markit's Collaboration Services network brings together a worldwide community of professionals in the capital markets industry providing a secure environment for communication.
Thursday, 25/09/2014 | 06:52 GMT by
Victor Golovtchenko
State Street’s Head of Forex Spot Trading Hasn't Been ‘Spotted’ at His Desk for Weeks
- With the banking industry’s reputation already tarnished by the LIBOR and mortgages related probes the companies are rushing to “fix” the fixing problem before they lose market share in electronic trading.
Wednesday, 17/09/2014 | 14:17 GMT by
Victor Golovtchenko
Bankers Turned FBI Informants in FX Rigging Investigation, Criminal Charges Imminent
- Bankers "Flipped" By U.S investigators and served as "moles" for the international Forex manipulation probe. According to the WSJ, authorities may seek criminal charges against traders as early as next month.
Monday, 15/09/2014 | 08:18 GMT by
Avi Mizrahi
Former Citi Employee Chris Cecere Rehired Despite LIBOR Involvement
- Ex Citi employee Chris Cecere has been rehired by Brevan Howard Asset Management LLP, following his departure and involvement in manipulating the London Interbank Offered Rate (LIBOR) just two years ago.
Friday, 15/08/2014 | 15:03 GMT by
Jeff Patterson
Product Review: Major Banks FX Positions Exposed - A Look into eFXnews Plus
- From providing aggregated news to delivering real time sell-side trading ideas from major investment banks - eFXnews launches its eFXplus + service providing an insight into the major banks trading desks.
Friday, 15/08/2014 | 13:51 GMT by
Victor Golovtchenko
Welcome to the 21st Century: Electronic Auction-Based Trading Replaces Silver Fixing
- The "London Silver Price" will be served by the CME Group's electronic price platform, with an algorithm designed to set the opening quotes, while Thomson Reuters will handle governance and administration services.
Thursday, 14/08/2014 | 20:14 GMT by
Victor Golovtchenko
Regulators Enhance Global Cooperation as Fx Rates’ Criminal Investigations Drag On
- The FCA received thousands of assistance requests from law enforcement agencies worldwide in 2013, a 14% increase. A Serious Fraud Office probe targeting institutional dealers’ chat rooms will continue into 2015.
Monday, 11/08/2014 | 08:49 GMT by
Avi Mizrahi
Lloyds Banking Group Faces over $200 Million Fine in LIBOR Manipulation Charges
- The British and American regulators have settled against Lloyds Banking Group plc and affiliates for false trade reporting and the manipulation of LIBOR & Repo Rates, levying the third highest fine by the FCA.
Monday, 28/07/2014 | 14:06 GMT by
Jeff Patterson
Benchmark Rates and FX Probe Grab Attention at FCA Public Talk
- The FCA held its first annual meeting since the 2012 regulatory overhaul. Its chairman has vowed protecting the British consumer and promoting free competition, while promising new FX probe findings in 2015
Thursday, 17/07/2014 | 19:30 GMT by
Adil Siddiqui
EU Commission to Charge Crédit Agricole, HSBC and JPMorgan for EURIBOR Fixing Cartel
- More charges against ICAP related to Japanese yen LIBOR manipulation, as the European Commission has informed the trio of banks in a Statement of Objections about their participation in an interest rate derivatives cartel.
Wednesday, 21/05/2014 | 06:40 GMT by
Victor Golovtchenko
FCA Releases Business Plan for New-Year, Outlining LIBOR Oversight and New Responsibilities
- The UK’s Financial Conduct Authority (FCA) has announced its new methodology for examining traders’ behaviors in an effort to curb the risk of benchmark manipulation, part of its overall Business Plan in 2014.
Monday, 31/03/2014 | 09:38 GMT by
Jeff Patterson
SFO Charges 3 Ex-ICAP Brokers over Japanese Yen LIBOR Case, as Investigation Unfolds
- The UK's Serious Fraud Office (SFO) has announced charges against three former ICAP employees including Danny Martin Wilkinson, Darrell Paul Read, and Colin John Goodman, over alleged JPY LIBOR rate manipulation.
Friday, 28/03/2014 | 19:00 GMT by
Steven Hatzakis
Thomson Reuters Creates Subsidiary to Govern Benchmarks Ahead of Regulatory Deadline
- Thomson Reuters has unveiled the Thomson Reuters Benchmark Services Limited (TRBSL), a subsidiary aimed at managing and overseeing financial benchmarks that were previously the target of LIBOR manipulation.
Monday, 10/03/2014 | 10:44 GMT by
Jeff Patterson
Battle of Trial Lawyers in Forex Class Action Case Begins as Quinn Emanuel Seeks Lead
- After the latest filing by the City of Philadelphia Board of Pensions and Retirement against 7 Foreign Exchange dealers, its counsel is seeking to challenge the NY court to appoint it lead counsel over the entire class.
Friday, 28/02/2014 | 10:09 GMT by
Steven Hatzakis
Lloyds Bank Suspends Trader Amidst Libor Manipulation, Others Return to Work
- The fx and benchmark fixing scandal has taken another turn as of late, this time via an announcement out of Lloyds Banking Group that a trader has been suspended following allegations of Libor manipulation.
Thursday, 27/02/2014 | 00:20 GMT by
Jeff Patterson
UBS Makes Bid for Immunity from US and EU Regulators over FX Manipulation
- UBS AG, the embattled banking giant under investigation for interest-rate rigging and forex manipulation has launched a bid to seek immunity in both the United States and the European Union (EU).
Monday, 24/02/2014 | 18:48 GMT by
Jeff Patterson
Currency Probes, Specter of Electronic Trading Threaten to Displace Human FX Traders
- With much of the global fx industry and regulators focused on a series of currency probes that have vexed the financial landscape, few have pondered the long-term ramifications on the fx market itself.
Tuesday, 18/02/2014 | 17:00 GMT by
Jeff Patterson
Deutsche Bank Chief Questions Decision to Limit FX Fixings, Calls for Fundamental Change
- As the manipulation of benchmark rates causes widespread upheaval in the industry, some banks opted to limit daily forex fixings, prompting Deutsche Bank to label this as an unsustainable solution.
Thursday, 30/01/2014 | 01:20 GMT by
Jeff Patterson
Embattled RBS Drops Several Forex Fixings Services Amidst Investigation
- In the midst of a lingering probe into the manipulation of forex and benchmark rates, the beleaguered Royal Bank of Scotland (RBS) announced today the cessation of orders for a number of currency fixings.
Wednesday, 29/01/2014 | 01:15 GMT by
Jeff Patterson
UBS, RBS in Talks with EU Antitrust Officials Over Swiss Franc Libor Probe
- UBS and three other banks, including RBS are negotiating with EU Antitrust officials to settle a third probe into the manipulation of benchmark rates, this time related to the Swiss Franc Libor rate.
Thursday, 23/01/2014 | 02:23 GMT by
Jeff Patterson
Federal Reserve Joins Forex Probe, Targets Largest Banks Over Currency Manipulation
- The U.S. Federal Reserve has initiated an investigation, joining other regulators in ascertaining the truth surrounding forex manipulation and the lack of oversight and controls over currency trading.
Tuesday, 14/01/2014 | 00:55 GMT by
Jeff Patterson
US District Court Slaps RBS With $50 Million Fine For Interest Rate Manipulation
- The Royal Bank of Scotland (RBS) has been sanctioned with a $50 million fine by the US District Court of Connecticut for its role in the interest rate manipulation of Japanese securities known as Libor.
Tuesday, 07/01/2014 | 01:03 GMT by
Jeff Patterson
Canadian Watchdog Competition Bureau Quits Libor Probe After Targeted Investigation
- The Competition Bureau announced today that is discontinuing its three-year probe into whether several leading banks colluded to manipulate the Japanese yen London Interbank Offered Rates (Libor).
Saturday, 04/01/2014 | 08:28 GMT by
Jeff Patterson
CFTC Orders ICAP To Pay $65 Million Penalty For Manipulating Yen LIBOR
- Interdealer broker ICAP has been issued with a $65 million civil monetary penalty by the CFTC today for manipulation, false reporting and attempting to manipulate the Yen LIBOR rate.
Wednesday, 25/09/2013 | 13:18 GMT by
Andrew Saks McLeod
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