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...Tom Hayes has failed in his attempt to overturn his conviction for rigging the Libor rate as the Court of Appeal in London upheld the guilty verdict handed to the former UBS and Citigroup trader nine years...
...He was found guilty by a jury of eight counts of conspiring to rig Libor and described by one investigator in the case as the “Machiavelli of Libor”....
...At issue in the new appeal is whether traders were allowed to take commercial considerations into account when submitting Libor rates....
...In 2000 the swap curve was the Libor swap curve. Today it’s the SONIA swap curve....
...Events: Former UBS and Citigroup trader Tom Hayes, the first person jailed over the Libor scandal for conspiring to rig the benchmark interest rate, will challenge his conviction in London’s Court of Appeal...
...Tom Hayes, the former City of London trader jailed for conspiring to rig the Libor benchmark interest rate, is to be given another chance to appeal against his conviction after a review by the body that...
...Michela Tindera But the big deal is the one that’s happening in the US to replace a certain flavour of Libor, which is known as US dollar Libor....
...Tom Hayes, the former UBS and Citigroup trader who was convicted of rigging Libor, lost an appeal last month after a referral from the CCRC....
...He was subsequently poached by Citigroup, which let him go 10 months later as the Libor scandal gathered pace....
...The first is the move away from Libor contracts. The other is Brexit....
...The referral comes after the CCRC sent the case of Tom Hayes, a former trader at UBS and Citigroup who was jailed for conspiring to rig the Libor benchmark rate, back to the appeals court in July....
...But the deeply-ingrained nature of Libor after such a long period of use still makes the transition challenging. “Libor is like salt....
...provided on the basis of moral hazard, and since we now know that some of the same bankers supporting the chancellor’s pleas for more help were either manipulating (or planning to manipulate) markets in Libor...
...The bank also recorded £25.4bn in contingent liabilities, including potential legal costs relating to Barclays’ advisory service agreements with Qatar Holding dating back to 2008, various ongoing Libor-rigging...
...For further reading: Loan market braced for rush to Libor finish line The pain and SOFRing are almost over ‘Litigation will take over’: US lawmakers warned of Libor chaos On Twitter, follow Harriet Clarfelt...
...Barclays’ recent note highlighting a corner of money markets that may be unnecessarily excluded from calculations of the Secured Overnight Financing Rate, or SOFR, the US’s regulator-selected replacement for Libor...
...Synthetic Libor attempts to mimic what Libor would have been, if it had continued to exist....
...— The case of the Lego Bandit (Business Insider) — Football stadiums are modern cathedrals (Twitter thread) — Black holes might be defects in spacetime (Phys.org) — The heat that led to Libor fix came...
...Its existence was first theorised by scientists in Germany and Czechia several years ago; the term “altermagnetism” was coined by Libor Šmejkal of the Johannes Gutenberg University of Mainz....
...small-capbusinesses and investors in the UK and beyond,” Diamond said in a statement.Ricci was one of Diamond’s key lieutenants at Barclays until both men stepped down in the wake of the bank’s £290mn Libor-rigging...
...(Kotaku) — Post-neoliberalism, the baby, and the bathwater (The Home-Groan Globalist) — The long goodbye: How Libor ended and why the arguing hasn’t (Euromoney) — Abercrombie & Fitch ex-CEO accused of...
...These often required floating rate exposure to Libor or SOFR benchmarks. Base rates have accelerated from almost 0 per cent to 5 per cent in a year....
...Paying out SOFR/LIBOR plus, say, 500 basis points is a lot easier when rates were floored, and many more leveraged companies are now probably struggling to service their debts....
...But there’s something funny about the “synthetic US dollar Libor” that will be introduced July 1. The new rate isn’t supposed to measure the same thing as Libor did, the FCA says....
...Rates for Libor vary depending on the length of the term but all are higher than Sofr and the most widely used rate, three-month Libor, is 4.95 per cent....
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