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Thu Jun 6, 2013, 08:20 AM

EU watchdog maps out anti-rigging rules for Libor

Source: Reuters

(Reuters) - European Union regulators published guidelines on Thursday to stop banks rigging Libor and other market benchmarks in an interim measure before a more far-reaching EU law comes in.

The draft law, to be published in a few weeks, would propose shifting the supervision of Libor from London to Paris.

Two British banks, Royal Bank of Scotland and Barclays, and Swiss bank UBS, were fined a total of $2.6 billion (1.6 billion pounds) for rigging Libor, with other banks set to be punished for similar abuses.

Libor - the London Interbank Offered Rate - is used as a basis for pricing financial products from home loans to credit cards worth over $300 trillion globally.

Read more: http://uk.reuters.com/article/2013/06/06/uk-eu-libor-idUKBRE9550CS20130606

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Reply EU watchdog maps out anti-rigging rules for Libor (Original post)
dipsydoodle Jun 2013 OP
Lenomsky Jun 2013 #1
Angelonthesidelines Jun 2013 #2

Response to dipsydoodle (Original post)

Thu Jun 6, 2013, 09:28 AM

1. Nobody goes to Jail?

Damn! They get to keep their ill gotten gains, fined and the fine was probably paid for with tax payers money.

The mind boggles!

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Response to Lenomsky (Reply #1)

Thu Jun 6, 2013, 04:26 PM

2. In Amuurica

 

They'd get a medal of freedumb.

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