Top fintech stories this week – 14 April 2017

Banking Tech 2

Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Mastercard gets approval to buy VocaLink for $920m Deal expected to close in coming weeks. Bank of England implicated in Libor rigging by secret recording Well, it was secret. FIS sheds Ambit Private Banking business FIS inherited it […]

Bank of England implicated in Libor rigging by secret recording

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A secret recording that implicates the Bank of England (BoE) in Libor rigging has been uncovered by the current affairs programme, BBC Panorama. Libor (London Interbank Offered Rate) is used by banks to set prices of financial products. Last year, several ex-Barclays workers were found guilty of manipulating the Libor interest rate between 2005 and […]

Three ex-Barclays staff convicted in Libor rigging trial


Three ex-Barclays workers have been found guilty of manipulating the Libor interest rate between 2005 and 2007. Jay Merchant was convicted unanimously at Southwark Crown Court in London of rigging the key financial rate. Jonathan Mathew and Alex Pabon were found guilty by majority verdict after a ten-week trial. They will be sentenced on Thursday […]

FX industry calls for greater accountability on IBOR benchmarks

Marshall Bailey,

ACI, the foreign exchange industry body, has called for the adoption of a new Model Code for sell-side and buy-side firms on financial benchmarks, to harmonise codes of conduct and prevent a recurrence of the Libor and other recent rate fixing scandals.

February 2014 SEPA: a two-way stretch

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A nominal six-month delay in the need to migrate to SEPA-compatible formats hasn’t slowed down the rush to convert clients

Estimating Libor damage past – automating index surveillance future


In the wake of scandals involving manipulation of market indices, can statistical learning theory be used to detect and fix anomalies in Libor and other market indices?

ISDA begins radical overhaul of ISDAFIX swap rates

ISDA is planning to transform the way ISDAFIX rates are collected and disseminated

The International Swaps and Derivatives Association has set a date for the first stage of sweeping changes to the ISDAFIX benchmark for annual swap rates, as part of a major global push to clean up rates and make them more accountable.

The battle for benchmarks: divisions in the ranks?

ESMA is asking for views on the final standards for EMIR

With lots of different regulatory benchmark efforts now underway, the industry could be forgiven for not taking a common stance. With IOSCO issuing final principles, ESMA and the EBA are simultaneously consulting on a European set of principles. Meanwhile the UK is moving ahead with its own reforms.

Libor is dead … long live NYbor?

London's Libor will now be administered by NYSE Euronext

Uncertainty over the mechanism for calculating the Libor benchmark in future remains in the wake of the generally applauded appointment of NYSE Euronext as its new administrator.

Regulating the -IBORs: a global view of benchmarks?

Benchmark manipulation and fallout from it is not new news, but the global drive to regulate benchmarks is. Europe has made the first move to controlling benchmark manipulation but global co-ordination is needed to create an approach that works for everyone.