The charge states that they dishonestly agreed to procure or make submissions of rates by Barclays, a panel bank
, into the dollar Libor setting process which were false or misleading.
The Serious Fraud Office (SFO) claims that Libor submitter Jonathan Mathew, and swaps traders Stylianos Contogoulas, Jay Merchant, Alex Pabon, and Ryan Reich, "dishonestly agreed to procure or make submissions of rates by Barclays, a panel bank
, into the Dollar Libor setting process which were false or misleading".
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LIBOR is the "rate at which an individual Contributor Panel bank
could borrow funds, were it to do so by asking for and then accepting inter-bank offers in reasonable market size.
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The charge alleges that they dishonestly agreed to procure or make submissions of rates by Barclays, a panel bank
, into the Dollar Libor setting process which were false or misleading.
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.
a leading operator of global exchanges and clearing houses and provider of data and listings services, announces that ICE Benchmark Administration Limited (IBA) will publish data relating to a three-month testing period during which all 20 LIBOR panel banks
were required to make parallel LIBOR submissions.
London: The FCA said that all 20 of the panel banks
have agreed to support the LIBOR benchmark ensuring the sustainability of the rate until 2021.
The UK's Financial Conduct Authority (FCA) has said that all 20 panel banks
have agreed to support the London interbank offered rate (Libor) until it is phased out in 2021.