U.S. conducting criminal Libor probe - News and Current Events | futures io social day trading
futures io futures trading


U.S. conducting criminal Libor probe
Updated: Views / Replies:288 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

U.S. conducting criminal Libor probe

  #1 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received

U.S. conducting criminal Libor probe

(Reuters) - The Justice Department is conducting a criminal probe into whether the world's biggest banks manipulated a global benchmark rate that is at the heart of a wide range of loans and derivatives, from trillions of dollars of mortgages and bonds to interest rate swaps, a person familiar with the matter said.

While the Justice Department's inquiry into the setting of the London interbank offered rate, or Libor, was known, the criminal aspect of the probe was not.

A criminal inquiry underscores the serious nature of a worldwide investigation that includes regulators and law-enforcement agencies in the United States, Japan, Canada and the UK.

Several major global banks, including Citigroup Inc, HSBC Holdings Plc, Royal Bank of Scotland Group Plc and UBS AG, have disclosed that they have been approached by authorities investigating how Libor is set.
No bank or trader has been criminally charged in the Libor probes. It wasn't clear which banks or traders the Justice Department is targeting in its criminal probe.

The Justice Department and the banks declined to comment.

Libor is set everyday in London for 10 currencies for a range of maturities. The rate is supposed to reflect the rate at which banks lend to one another. Dollar Libor, for example, is calculated after 18 banks submit the costs to borrow dollars.

The rate underpins $10 trillion in loans to consumers and companies and another $350 trillion in derivatives. In the derivatives market, Libor is used in the pricing of the massive and popular interest-rate swaps market, where two parties swap floating- and fixed-rate interest payments. Libor typically is used as the basis for the floating rate.

The investigations are examining whether traders at the banks tried to influence whether the rate went up or down. A change in the rate could mean a windfall of tens of millions of dollars if a trader has bet correctly on the direction of Libor.

Swiss bank UBS is playing a key role in the probes because it agreed to come forward and cooperate in the inquiries.
The bank said in a regulatory filing it has been granted conditional leniency or conditional immunity by the antitrust division of the Justice Department and the Swiss Competition Commission.

In recent months, probes in Japan and Canada have focused on a group of interest-rate traders who attempted to manipulate yen Libor, according to court and regulatory documents.

In Ontario Superior Court, a Canadian antitrust regulator said that a "cooperating party" has provided information on how the alleged manipulation took place. The cooperator is UBS, people familiar with the situation said previously.
The Canadian documents provide examples of how a trader at the cooperating bank contacted traders at banks such as RBS to try and influence Libor.

Exclusive: U.S. conducting criminal Libor probe | Reuters

Reply With Quote

Reply



futures io > > > > U.S. conducting criminal Libor probe

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Egypt Will Try 19 Americans on Criminal Charges GridKing News and Current Events 0 February 5th, 2012 01:09 PM
Libor vs S&P: Just an FYI Ghostland The Elite Circle 1 November 16th, 2011 01:31 PM
DOJ investigating alleged criminal actions by eBay kbit News and Current Events 1 September 14th, 2011 08:12 AM
How the Criminal Case Against Strauss-Kahn Unraveled Quick Summary News and Current Events 1 July 2nd, 2011 03:51 PM
Goldman Sachs Too Big to Face Criminal Prosecution kbit News and Current Events 3 June 2nd, 2011 12:42 AM


All times are GMT -4. The time now is 07:49 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-12 in 0.07 seconds with 19 queries on phoenix via your IP 54.234.255.29