Libor

Richard Sandor, the CEO of the American Financial Exchange (AFX) sees a more diverse outcome for the interest rate benchmark used to set trillions in global interest rates on everything from mortgages to credit cards. The “father of financial futures” sees a world in which a variety of interest rate benchmarks operate. AFX exchange created a LIBOR alternative, AMERIBOR, which he says better represents US interest rates for regional and community banks and will trade on the CBOE Futures Exchange (CFE).
The Commodity Futures Trading Commission (CFTC) issued an Order today filing and settling charges against Société Générale S.A. (Société Générale or the Bank) for attempted manipulation of and false reporting in connection with the London Interbank Offered Rate (LIBOR) for U.S. Dollar, Yen and Euro, and the Euro Interbank Offered Rate (Euribor), certain instances of manipulation of Yen LIBOR, and aiding and abetting traders at another bank in their attempts to manipulate Euribor.
The rate banks charge each other to borrow dollars for three months fell by the most in nearly four months on Tuesday, following a broad pullback in benchmark bond yields the day before on worry over U.S. President Donald Trump's tough stance on trade.
The U.S. Supreme Court on Tuesday allowed private antitrust lawsuits brought by investors including big U.S. cities accusing major banks of conspiring to manipulate the pivotal Libor benchmark interest rate to move forward.
The rate banks charge each other to borrow dollars for three months rose above 1 % on Wednesday for the first time since May 2009 as global interest rates extend their climb on expectations of accelerating growth and inflation.
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Key short-term interest rates jumped early on Thursday as international markets calmly responded to the U.S. Federal Reserve's first policy tightening in nearly a decade, a welcome sign for the Fed as it prepares for a tricky auction later in the day.
It was the first time in decades that the parent or main banking unit of a major American financial institution pleaded guilty to criminal charges.
Tom Hayes, a former trader on trial for allegedly conspiring to rig benchmark interest rates, has admitted to being motivated by greed and was fired by U.S. bank Citigroup in 2010, the prosecution told a London court on Tuesday.
Foreign-exchange traders’ messages on Facebook Inc. are being sought by European Union antitrust regulators as they expand a probe into alleged collusion between banks beyond work e-mails and instant messages, two people with knowledge of the case said.