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Share Price:
202.35
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202.15
Ask:
202.25
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0.10 (0.049%)
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Fri, 28th Sep 2012 12:03
The Financial Services Authority's report into the London Interbank Offered Rate (LIBOR) scandal recommends that the British Bankers' Association (BBA) should have no further role in the setting of the key interest rate.FSA Managing Director Martin Wheatley, also told the BBC that, in future, bankers who fiddle the system should go to gaol.The BBC quotes Wheatley as saying that society wanted people who played fast and loose with financial regulations to "pay the price, and if that includes gaol for the most extreme fraud in the system, then that's what should happen". "The system is broken and needs a complete overhaul," Wheatley claimed. The main recommendations of the FSA's LIBOR report are: a new regulatory structure for LIBOR; seek other groups to supplant the BBA's role in LIBOR setting; more banks outside the current score of banks setting the rates to submit rates to be factored into the calculation of LIBOR; reducing the number of daily LIBOR fixings to 20 from 150 and the number of currencies used to the most popular rates.The FSA would like parliament to allow the City watchdog to investigate any instances of future LIBOR manipulation, and to be given the power to prosecute, if necessary.The London Interbank Offered Rate, despite the reference to London in its name, is a key reference rate used across the globe in billion of pounds worth of contracts and loan agreements. Symptomatic of the fundamental change in the nature of banks since the onset of the Thatcher-Reagan era, from organisations designed to facilitate the ability of their clients to conduct business to money harvesting machines in their own right, banks have been able to make money trading financial instruments linked to LIBOR and, in some cases, those banks which have an influence on the setting of LIBOR rates have reportedly done so in order to benefit their own trading positions.UK bank Barclays is the most high profile bank to get caught up in the LIBOR scandal, and was hit with a £290m fine after admitting LIBOR manipulation. Other banks are under investigation, however, and earlier this week there were reports indicating that managers at state-owned lender Royal Bank of Scotland condoned and participated in the manipulation of global interest rates, indicating that wrongdoing extended beyond the four traders the bank has fired. JH
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10 Jan 2024 13:00
Global activist investors pressed companies to sell or spin in 2023 as M&A dropped off
NEW YORK, Jan 10(Reuters) - "Sell" or "split" was the favorite word for activist investors across the world last year when their demands for companies to pursue some form of mergers and acquisition-related activity hit a new record and appeared in roughly half of their 2023 campaigns even as M&A activity dropped off, according to new data from Barclays.
Read more9 Jan 2024 07:44
LONDON BRIEFING: B&M to declare special payout; strong start for Unite
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Read more5 Jan 2024 09:50
IN BRIEF: Prudential to buy back 4 million shares to offset awards
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Barclays extends lease on Canary Wharf headquarters until 2039
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Read more20 Dec 2023 08:48
LONDON MARKET OPEN: Stocks feeling festive on UK, US rate cut hopes
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Read more19 Dec 2023 16:06
UK banks face 'step change' rule to reimburse defrauded customers
LONDON, Dec 19 (Reuters) - Britain's banks and other payment firms must reimburse defrauded customers to a maximum of 415,000 pounds ($529,000) from October next year to help combat scams, the Payment Systems Regulator (PSR) said on Tuesday.
Read more19 Dec 2023 15:11
UK banks face 'step change' rule to reimburse defrauded customers
LONDON, Dec 19 (Reuters) - Britain's banks must reimburse defrauded customers to a maximum of 415,000 pounds ($529,000) from October next year to help combat scams, the Payment Systems Regulator (PSR) said on Tuesday.
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Britain's Metro Bank decides not to sell mortgage book
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Read more14 Dec 2023 12:00
Fnality completes 'world's first' blockchain payments at Bank of England
LONDON, Dec 14 (Reuters) - Fnality, a blockchain-based wholesale payments firm, said on Thursday that shareholders Lloyds Banking Group, Santander and UBS had completed the "world's first" live transactions that digitally represent funds held at a central bank.
Read more14 Dec 2023 10:51
France's Credit Agricole to stop financing new fossil fuel projects
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*Read more12 Dec 2023 09:10
UK lenders face smaller impact from Basel rules than rivals, BoE says
LONDON, Dec 12 (Reuters) - The Bank of England said on Tuesday that implementing the final leg of the global Basel bank rules will increase capital requirements at UK banks by 3%, far less than for their European Union and U.S. peers.
Read more12 Dec 2023 07:16
BoE says UK lenders to be hit less than EU, U.S. rivals by Basel capital rules
LONDON, Dec 12 (Reuters) - The Bank of England said on Tuesday that implementing the final leg of the global Basel bank rules will increase capital requirements at UK banks by 3%, less than for their European Union and U.S. peers.
Read more7 Dec 2023 16:55
Director dealings: Barclays chair invests, York Holdings settles LSEG call options
(Sharecast News) - Nigel Higgins, the group chairman of Barclays, was on the buying side of the ledger on Thursday.
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