US doles out Libor subpoenas

first_img whatsapp US doles out Libor subpoenas AMERICAN authorities have issued subpoenas to several international banks as part of an investigation into “manipulation” of the London interbank offered rate (Libor) during the financial crisis.The investigation came to light as part of a disclosure made by UBS in its annual report saying it had been subpoenaed by the US Securities and Exchange Commission (SEC), the US Commodity Futures Trading Commission (CFTC) and the Japanese Financial Services Authority (FSA) regarding “whether there were improper attempts by UBS, either acting on its own or together with others, to manipulate Libor rates at certain times”. Sources familiar with the situation have confirmed to City A.M. that Barclays, Bank of America Merrill Lynch and Citigroup have also received subpoenas on the matter, and said that “a lot of banks are in the same situation”. All the banks named declined to comment, as did the SEC and CFTC.Libor is calculated by Thomson Reuters for the British Bankers’ Association (BBA) and is used internationally as a benchmark to set prices on numerous derivatives and financial instruments. Submitting an incorrect figure for Libor could be seen as “market manipulation” that might affect the market’s perceptions of risk and ease of credit between banks. The BBA said in a statement: “Libor is fully transparent – all of the data inputted by the contributor banks is publicly available, as is our methodology. It added: “And all decisions regarding the design and governance of the benchmark are taken in full consultation with market participants.” KCS-content Show Comments ▼ Tags: NULLcenter_img More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comWhy people are finding dryer sheets in their mailboxesnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comConnecticut man dies after crashing Harley into live bearnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was Famous, Now She Works In {State}MoneyPailUndoSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusUndoBetterBe20 Stunning Female AthletesBetterBeUndoDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaUndo Share Thursday 17 March 2011 9:10 pm whatsapplast_img read more