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UBS wins bid to seal cases of dismissed Singapore FX traders - sources

April 2, 2013 04:45
SINGAPORE (Reuters) - The Singapore High Court has agreed to a request by UBS AG <UBSN.VX> to seal documents in two cases brought by traders fired by the bank during its investigation into reference rate manipulation, two people with direct knowledge of the matter said. UBS argued in an affidavit last month that premature disclosures regarding the bank's investigation into the two former traders would hamper its ongoing probe, as well as a review under way globally by regulators who are looking into the manipulation of rate fixings.

key rate-March minutes

April 2, 2013 04:00
SEOUL, April 2 (Yonhap) -- Policymakers at South Korea's central bank froze the key interest rate in a 6-1 vote for March while one member argued for a rate cut, citing economic uncertainty and easing moves by other central banks, the bank's minutes showed Tuesday. At a rate-setting meeting held on March 14, the Bank of Korea (BOK)'s seven-member monetary policy committee decided to leave the benchmark 7-day repo rate unchanged at 2.75 percent for the fifth straight month. The bank cut the key rate in July and October last year.

Banks score major win in private Libor suits

March 29, 2013 21:00
By Nate Raymond and Carrick Mollenkamp NEW YORK (Reuters) - The world's biggest banks won a major victory on Friday when a U.S. judge dismissed a "substantial portion" of the claims in private lawsuits accusing them of rigging global benchmark interest rates. The 16 banks had faced claims totalling billions of dollars in the case, which had been considered the biggest legal threat that they faced aside from investigations being pursued by regulators in the United States, Europe and Britain.

Czech central bank keeps rates at record low

March 28, 2013 09:17
The Czech central bank (CNB) said it had left its lending rates unchanged at record-low levels at a meeting on Thursday, keeping its key two-week rate at 0.05 percent. "The two-week repo rate stays at 0.05 percent, the (overnight) discount rate at 0.05 percent and the (overnight) Lombard rate at 0.25 percent," the bank said in a statement. Analysts polled by the CTK news agency this week expected the move amid forecasts of continued recession this year.

Australia ends interbank rate-setting panel after Libor scandal

March 27, 2013 20:00
SYDNEY (Reuters) - Australia is scrapping the panel that sets interbank lending rates after the proposal of new international guidelines and an exodus of the banks that set the rate in the wake of the Libor rate-rigging scandal. The Australian Financial Markets Association (AFMA), which administers Australia's bank bill swap (BBSW) reference rate, said it would bypass the panel and derive the rates directly from brokers and electronic markets.

SFO boss says makes progress in Libor probe

March 26, 2013 16:00
By Kirstin Ridley LONDON (Reuters) - Britain's anti fraud agency said on Tuesday it was on the brink of announcing "significant progress" in its investigation into the alleged rigging of benchmark interest rates. David Green, head of the Serious Fraud Office (SFO), told a seminar for fraud lawyers in London he expected to be able to update the industry "in the next quarter". Green declined to divulge further details.

UBS asks Singapore court to seal cases of two fired traders

March 26, 2013 07:15
SINGAPORE (Reuters) - UBS AG <UBSN.VX> has filed an application to the Singapore High Court asking that two cases be sealed involving traders fired as part of the bank's investigation into reference rate manipulation. The request for seals underscores the highly sensitive information within the cases, which stem from a global crackdown on banks involved with submitting false reference rates for various markets to benefit trading books.

British regulator details new Libor rules

March 25, 2013 14:01
Britain's Financial Services Authority announced Monday detailed proposals on how to overhaul Libor following the scandal over fixing the key global interest rate. The FSA announced final proposals for new regulations on how financial market benchmarks are calculated, tightening requirements that information is more transparent. Barclays, Royal Bank of Scotland and UBS have paid over $2 billion to settle allegations they manipulated Libor to their advantage or hide their financial strains during the 2008 credit crunch.

FSA to keep banks' Libor setting voluntary for now

March 25, 2013 13:15
By Huw Jones LONDON (Reuters) - Banks' participation in compiling the Libor benchmark interest rate that was at the centre of a fixing scandal last year will remain voluntary when new rules come into force. Britain's financial watchdog wants to restore credibility to Libor, a benchmark used to price products from home loans to credit cards worth $300 trillion (197.5 trillion pounds) globally, after some banks admitted to rigging it.

central bank-low rates

March 22, 2013 03:46
SEOUL, March 22 (Yonhap) -- South Korea's top central banker said Friday that there are some concerns in the global financial markets that a long streak of low rates could spark unintended problems. "Some heads of global investment banks express concerns over when the global economy will recover. But others said that a long streak of low rates could bring about problems that we never expected," Bank of Korea (BOK) Gov. Kim Choong-soo told heads of local banks. Kim cited the risks of sparking bubbles as the case in point for such problems.
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