In the wake of a scandal over the rigging of LIBOR by Barclays and other British banks, the International Organization of Securities Commissions (IOSCO) has created a task force to investigate how the widely used benchmark rate is used and recommend improvements.
The task force will be led by CFTC Chairman Gary Gensler of the US, and Financial Services Authority (FSA) Managing Director Martin Wheatley of the U.K.
“Benchmarks in use across global financial markets constitute the very foundation of free, fair and transparent market transactions, and doubts over their integrity and sound operation must be removed,” IOSCO Chairman Masamichi Kono said.
The task force will examine ways to address the conflict inherent in basing benchmark rates on bank submissions, including enforcement powers, inter-agency information sharing, and sanctions regimes.
The choice of Gensler to lead the task force highlights IOSCO’s commitment to serious change, as U.S. regulators have long criticized the way LIBOR is currently set.
While the task force’s report is expected early next year, Wheatley will publish a separate set of recommendations on September 28, reportedly including direct supervision of LIBOR, reducing the number of LIBOR rates, and the introduction of safeguards into how it is set.
The regulator and Andre Flotron ask the Court for a 60-day stay “in contemplation of settlement”.
The post CFTC and ex-UBS trader accused of spoofing near settlement appeared first on FinanceFeeds. […]
The plaintiffs argue that the plain meaning of “purchase” or “ payment” does not limit the means or methods of the purchase or payment, whether it be cash, check, credit card, debit card, ATM, or wire.
The post Retail Forex transactions once again at the heart of FX benchmark rate fixing case appeared first on FinanceFeeds. […]
The documents concerning the Leucadia loan and the sale of FXCM assets to pay for the loan are among those at the heart of the dispute.
The post FXCM directors & officers said to be withholding nearly 2,000 documents from shareholders appeared first on FinanceFeeds. […]
Here we are, 8 months from the deadline to ratify the agreement and we know that all we can expect is turmoil.
The post Brexit: Part 4 and a half – Guest Editorial appeared first on FinanceFeeds. […]
After the bankruptcy proceedings related to MtGox were stayed, the civil rehabilitation proceedings come with the requirement for a new system for filing claims.
The post New system for filing MtGox claims set to be released in August appeared first on FinanceFeeds. […]
In a brief order, Judge Richard M. Berman of the New York Southern District Court said the trial against Richard Usher, Rohan Ramchandani, and Christopher Ashton is set to start on October 9, 2018.
The post Trial against FX Mafia set to commence on October 9, 2018 appeared first on FinanceFeeds. […]
As a result of the anticipated plea in the criminal case, negotiations with the SEC to resolve the civil case have accelerated, the defendants in a Bitcoin fraud case say.
The post Jon Montroll, Bitfunder say they are close to plea agreement with US authorities appeared first on FinanceFeeds. […]
As the digitalization of various processes at the bank continues, robot saving advisor Nora gains more fans.
The post Nordea’s customers embrace robot Nora appeared first on FinanceFeeds. […]
On June 28, FinanceFeeds, along with Spectre's Athol Nourse, hosted a seminar with a series of long established partners and asset managers on how to remove the pitfalls and conflicts when working with new types of instruments.
The post Debating digital assets! FinanceFeeds South Africa IB seminar looks at how to avoid fraud or conflict of interest appeared first on FinanceFeeds. […]
London, UK - With great sadness, FIA today announced the passing of Bernadette “Bernie” Connolly, a longtime and highly respected staff member in the London office. Although living with a...On July 12, the Commodity Futures Trading Commission hosted a meeting of its Market Risk Advisory Committee in Washington, D.C. to discuss the transition from the Libor benchmark used in U.S.... Washington, DC - July 10, 2018 - FIA’s board of directors is in Washington this week to meet with regulators and members of Congress to press for policies that promote a fair and competitive...Keynote Remarks of FIA President and CEO Walt Lukken 78 th Shanghai Clearing House Forum: Financial Risk and Innovation June 27, 2018 Thank you Bill for that kind...FIA today launched the fourth annual Innovators Pavilion for fintech startups that are offering forward-thinking solutions for the global derivatives markets. This award- winning program is a...Statement of FIA President and CEO Walt Lukken on the unanimous vote of House Financial Services Committee in passing H.R. 5749, the "Options Market Stability Act." “FIA thanks Reps....On June 14, the Futures Industry Association and the Commodity Markets Council submitted a petition asking the Commodity Futures Trading Commission to amend the Ownership and Control Reports Rule...
(RSS generated with FetchRss) […]
BIS press release on the presentation of the Annual Economic Report 2018, 24 June 2018. Policymakers can maintain the current economic upswing beyond the short term by tackling structural reforms, rebuilding monetary and fiscal policy space to react to future threats and encouraging prompt implementation of regulatory reforms, the Bank for International Settlements (BIS) writes in its Annual Economic Report.... […]
Press Release on the pre-release of two special chapters of the Annual Economic Report of the BIS, 17 June 2018. Trust is the missing link in today's cryptocurrencies - Cryptocurrencies' model of generating trust limits their potential to replace conventional money, the Bank for International Settlements (BIS) writes in its Annual Economic Report (AER), a new title launched this year. […]