The Eonia Swap Index is the average rate at which at 16:30 CET a representative panel of prime banks provide daily quotes, rounded to three decimal places, that each panel bank
believes is the mid market rate of Eonia swap quotations between prime banks.
Since mid-2012, ASIC has been undertaking inquiries of BBSW panel bank
members in relation to the integrity of their past involvement in the BBSW submission process.
ASIC acknowledges this cooperation, and also acknowledges that UBS was the first panel bank
to report this conduct to ASIC.
The case centres on the allegation he was seeking to rig the submissions by the panel banks
, used to calculate that rate.
This misleading information was aimed at influencing certain panel banks
that did not participate in these infringements to submit JPY LIBOR rates in line with the adjusted 'predictions' or 'expectations' (UBS/RBS 2007, UBS/RBS 2008, UBS/DB 2008-09, Citi/DB 2010 and Citi/UBS 2010 infringements);
More than 40 private lawsuits against the LIBOR panel banks
have surfaced in the scandal's aftermath, with plaintiffs ranging from individual bondholders to cities like Baltimore and Philadelphia.
Traders also colluded with "individuals at other Libor panel banks
and interdealer firms to influence Libor submission, the FCA said.
The watchdogs added that other attempts of manipulation included requesting only certain Panel Banks
to make specific Japanese Yen Libor submissions.
Following the withdrawal of Barclays Bank from the Eibor fixing process, the National Bank of Fujairah was selected by the Eibor panel banks
to join the Eibor panel, starting October 8 2012," said a statement from the regulator.
QIBOR, which will use the contributed offer rates quoted by nine panel banks
, will be calculated by Bloomberg and published on the QCB website and the Bloomberg Professional[R] service (QCBQ <GO>) beginning on May 6th at 10:00 a.
Before 27 September 2013, it was calculated based on submissions made by up to 14 panel banks
to the Australian Financial Markets Association, which is responsible for administering the published BBSW rate.
The directive was intended to fend off negative public perceptions about Barclays' financial condition arising from its high LIBOR submissions relative to the submissions of other panel banks
, which Barclays believed were too low given the market conditions.