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Found 6 results

  1. US regulators have reportedly been handed evidence that traders at some of the world’s biggest banks manipulated a key rate for derivatives, pocketing millions at the expense of pension funds in the process. The Commodity Futures Trading Commission (CFTC) is probing 15 banks over allegations that they instructed brokers to carry out trades that would move ISDAfix, the leading benchmark rate for interest rate swaps. Pension funds and companies who invest in interest rate derivatives often deal with banks to insure against big movements in the ISDAfix rate or to speculate on changes to interest rate swaps ISDAfix is published each morning after banks submit bids for swaps via Icap, the inter-dealer broker, in a number of currencies. The CFTC has been investigating suggestions that the banks deliberately moved the rate in order to profit on these deals. Given the hundreds of trillions of dollars worth of interest rate derivatives trades that occur annually, even the slightest manipulation can have a substantial effect. The CFTC, which started to investigate ISDAfix after last summer’s Libor scandal has now been handed emails and phone call recordings that show the rate was deliberately moved, according to Bloomberg. Barclays has reportedly handed the CFTC information, while employees at Icap and Citigroup have also been questioned. In its interim results statement yesterday, Royal Bank of Scotland also said it was co-operating with authorities regarding the investigation. More: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10219333/US-regulators-find-evidence-of-banks-fixing-derivative-rates.html
  2. It was my understanding that they were ordered by the FSA to write to all customers to whom they had sold PPI whether or not a claim might follow. From what I understand they didnt do this.. so why should they now be let off the hook ? Read more :- http://www.thetimes.co.uk/tto/business/industries/banking/article3658853.ece
  3. The Royal Bank of Scotland (RBS) has announced a pre-tax loss of £1.26 billion for the three months to the end of September. It takes the total loss for the year to £3.4 billion and compares to a £2 billion operating profit for the same period in 2011. A further £400 million provision for payment protection insurance (PPI) compensation increased the loss. The bank also made a £1.5 billion charge against the value of its own bonds. The taxpayer-owned bank is also preparing for talks with regulators to settle its role in the manipulation of the Libor interbank lending rate. The bank said it expects to have talks soon that are likely to result in fines of a "material" amount. It hopes that details will be finalised before it announces its next set of results at the end of February 2013. Last week, the Federal Energy Regulatory Commission recommended that Barclays be given a $470 million fine relating to energy trading in North America. RBS Chief Executive Stephen Hester said: “We are in the FSA’s hands, and the hands of the other regulators. Personally, I’ll be disappointed if, by the time of our year-end results, we haven’t had news on this.” The extra money set aside for PPI compensation takes the total charge for mis-selling of PPI by RBS to £1.7 billion. After Lloyds and Barclays added a further £1.7 billion to their PPI provision, this means the total set aside by UK banks is now more than £11 billion. RBS said that it may need to make further provision for PPI compensation in the future but the latest provision was an attempt to “get ahead” of the problem. Despite the big loss, Mr Hester said that “the RBS restructuring programme continues to make excellent progress.” RBS is 81 per cent owned by the UK taxpayer after having to accept a £45 billion bailout at the height of the financial crisis. More: http://www.myfinances.co.uk/investments/2012/11/04/rbs-announces-1-3b-loss-as-it-raises-ppi-provision-by-400m
  4. The Libor rate-rigging scandal that is currently engulfing the banking sector has led to further condemnation of the behaviour of bankers and calls for criminal prosecutions for those involved. Among the most vocal is the man who became known as the HBOS whistleblower. "The people of this country are totally fed up and angry with the continuous greed, dishonesty and wrongdoing of our banks," says Paul Moore, who was head of group regulatory risk at the bank until 2004. He is calling for "the fullest, most forensic, most transparent 'people's public inquiry'" into the behaviour of banks, and has launched a lobbying group, the New Wilberforce Alliance, to lead a campaign for such an inquiry. Prime Minister David Cameron has announced a full parliamentary inquiry of the banking sector, as well as a narrower inquiry specifically into the Libor market, but Mr Moore believes this does not go far enough. Link: http://www.bbc.co.uk/news/business-18908879
  5. A group of banks embroiled in the Libor rate-rigging scandal are discussing the possibility of facing regulators together to avoid facing a Barclays-style backlash by going it alone, according to a report. The banks could settle with regulators as a group, according to Reuters, with one large headline fine announced rather than smaller penalties for each bank. The move could take the focus off individual banks, which fear the wrath of politicians and the public. While it is still unknown which banks are involved in discussions, more than a dozen are being investigated, including Citigroup, HSBC, Deutsche Bank and JPMorgan Chase. Read more: http://www.dailymail.co.uk/money/news/article-2176378/Libor-scandal-banks-talks-group-settlement-regulators-avoid-Barclays-style-backlash.html#ixzz21BLRsEwY
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