Euribor To Start Much-Awaited Changes in May To Attract More Banks LeapRate

March 06, 2024 BY Simon Mugo

Euribor To Start Much-Awaited Changes in May To Attract More Banks

The reputation of interbank rates like Euribor's counterpart, Libor, suffered greatly due to manipulation scandals. This led to Libor's discontinuation and its replacement by overnight rates determined by central banks such as the Federal Reserve, European Central Bank, and Bank of England. The Euro Interbank Offered Rate overhaul, or Euribor, seeks to lessen the workload…

April 04, 2023 BY Steffy Bogdanova

FCA to allow the publication of Synthetic US Dollar LIBOR for a short period

The Financial Conduct Authority (FCA) has approved the calculation of the three US dollar LIBOR settings by the ICE Benchmark Administration Limited (IBA), using "the relevant CME Term Secured Overnight Financing Rate (SOFR) Reference Rate plus the respective ISDA fixed spread adjustment." FCA’s Monday statement said that the overnight and 12-month US dollar LIBOR settings…

September 29, 2022 BY Steffy Bogdanova

FCA ceases synthetic sterling LIBOR at end-March 2023

FCA stated: We have no intention to use our powers to compel IBA to continue to publish the 1- and 6-month synthetic sterling LIBOR settings. The regulator added: Market participants need to ensure they are prepared for the permanent cessation of 1- and 6-month synthetic sterling LIBOR on 31 March 2023. However, the deadline for…

February 09, 2022 BY Steffy Bogdanova

FCA encourages firms to transition from synthetic LIBOR to permanent and robust alternatives

SONIA is the most used alternative to LIBOR in the UK. Since 2018, Its floating rate note issuance in cash markets surpassed £120 billion. New SONIA lending has exceeded £100 billion in a diverse range of sectors. The Bank of England estimates that less than 2% of the total sterling LIBOR legacy stock remains and…

January 27, 2016 BY Maria Nikolova

UK Court acquits five individuals of LIBOR manipulation charges

The UK Serious Fraud Office (SFO) today provided an update regarding its criminal investigation into the manipulation of LIBOR. A jury at Southwark Crown Court today found five individuals not guilty of conspiracy to defraud via the alleged manipulation of LIBOR. Colin John Goodman, Danny Martin Wilkinson, Terry John Farr, James Andrew Gilmour and Noel…

December 22, 2015 BY Maria Nikolova

SFO includes Societe Generale's Stephane Esper in EURIBOR investigation list

The UK Serious Fraud Office (SFO) continues its investigation into Euro Interbank Offered Rate (EURIBOR) manipulation. On Monday, the SFO published a brief update, stating that former Societe Generale SA (EPA:GLE) employee Stephane Esper was included in the list of individuals to stand trial over alleged EURIBOR manipulation. Mr Esper will make his first appearance…

July 30, 2015 BY Maria Nikolova

Tag: LIBOR