LIBOR set interest rates for trillions of dollars in loans for over 30 years. Banks manipulated the rate because it relied on estimates rather than real transactions. A new system called SOFR replaced ...
— -- A new scandal in the banking industry is undermining its image, already tarnished by rogue trading at JPMorganChase and the 2008 subprime mortgage collapse. At the heart of the scandal: ...
NEW YORK, May 22 (Reuters) - The effective demise of the tainted London Interbank Offered Rate (LIBOR) next month and the switch to the risk-free rate has renewed concerns about the potential negative ...
LONDON (Dow Jones)--The cost of borrowing longer-term U.S. dollars in the London interbank market continued to fall Thursday, hitting its lowest rate since the British Bankers' Association first ...
In “The Trading Game,” Gary Stevenson spills secrets of the City. By Mark Gimein It has been an arduous process to get the financial system to stop relying on the tarnished interest-rate benchmark. By ...
The LIBOR money-market rates, widely used around the world as the benchmark for interest rates on mortgages, credit cards and billions of dollars worth of other financial transactions, will be cleaned ...
Is the increased gap between Libor and overnight rates a Machiavellian scheme, where liquid banks are forcing up Libor to earn extra cash on products that are indexed against this measure of money ...
LONDON, Dec 5 (Reuters) - The bank-to-bank cost of lending three-month money fell on Friday following several deep interest rate cuts around the world the previous day and the premium paid for ...
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