Major Banks Argue that Libor Lawsuits Should be Thrown Out

Lawyers for a number of the world’s biggest banks have asked a U.S. judge to throw out a collection of lawsuits accusing them of manipulating Libor, key interest rates, and cheating investors out of billions of dollars. The banks involved in the lawsuit include Bank of America Corp, JPMorgan Chase...

FSA Report Reveals Poor Management

An internal report commissioned by the Financial Services Authority (FSA) revealed rate-rigging, highlighting how the regulator ignored or failed to follow up on a series of problems with the rates. The report, published today, is in response to the aftermath of the Barclays PLC settlement with...

CFTC Charges Agape Entities with Futures Trading Scheme

CFTC Charges Agape The U.S. Commodity Futures Trading Commission (CFTC) has charged Agape World, Inc. and Agape Merchant Advance with defrauding customers of tens of millions of dollars in a commodity futures trading scheme. The CFTC’s press release stated that the Order of Permanent Injunction imposes...

SEC, Other Regulators May Delay Volcker Rule

Five regulators working on the Volker rule may delay releasing a final version of the rule until the second half of the year. The Wall Street Journal reports that this is later than previously expected, and that the delays are caused by how complex creating a rule that bans risky bets has become. Dodd-Frank...

Gensler Criticizes Libor at CFTC Roundtable

Gary Gensler, the U.S. Commodity Futures Trading Commission (CFTC) head addressed a roundtable yesterday as part of the International Organization of Securities Commissions (IOSCO Task Force. In his opening remarks to the roundtable, Gensler spoke to many issues on the minds of regulators, including the...

Basel III Rules Slated for March Deadline, EU Says

The European Union (EU) is pushing ahead with Basel III capital standards to avoid delays. Bloomberg reports that the EU’s financial services chief, Michel Barnier, stated in an interview that, “We need agreed rules as soon as possible so that banks know which way they are going.” March 22...

CFTC Announces Revised Compliance Schedule for Required Clearing

The CFTC’s Division of Clearing and Risk (DCR) today announced a revised compliance schedule for required clearing of iTraxx CDS Indices. The CFTC received notice from ICE Clear Credit LLC that it has begun offering customer clearing of the iTraxx CDS indices that are subject to the clearing...

CFTC Charges CME Group with Disclosing Customer Trades

The U.S. Commodity Futures Trading Commission (CFTC) charged the New York Mercantile Exchange, Inc. (CME NYMEX), which is owned and operated by the CME Group, and two former employees, William Byrnes and Christopher Curtin, with violation of the Commodity Exchange Act and CFTC regulations. Specifically, the...

NFA Registers Cargill as Swap Dealer

The National Futures Assocation (NFA) announced yesterday that Cargill Inc is the first major non-financial entity to be registered as a swap dealer. Cargill operates in a range of commodity markets and is based out of Minneapolis. NFA, CFTC and Swap Dealer Registration The NFA is the futures industry’s...

CFTCs Gary Gensler Continues Crusade for Libor Reform

U.S. Commodity Futures Trading Commission (CFTC) chairman Gary Gensler has stated that the Libor interest rate is not yet free of fraud. Gensler said to the BBC in London that the rate was often “completely made up.” Many banks, within the past year, have been fined hundreds of millions of pounds...
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