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German Bafin wants bigger government role in setting market benchmarks

FRANKFURT (Reuters) - German banking watchdog Bafin is calling for far-reaching reforms in the setting of market benchmark values such as Libor, its head of banking supervision told a German paper, arguing for a more active government role. "Reference prices that are only based on more or less random estimates are not sound," Raimund Roeseler told Welt am Sonntag in an interview for publication on Sunday.

EU fines 5 banks, broker $2.3 bn for rigging key interest rates

Brussels, Dec 4 (EFE).- The European Commission said Wednesday it levied a record fine of 1.71 billion euros ($2.3 billion) on five major global banks and a London-based broker for allegedly colluding to set interbank Euribor, Libor and Tibor interest rates. The financial institutions hit with the penalties were Deutsche Bank, Societe Generale, Royal Bank of Scotland, JPMorgan, Citigroup, and broker RP Martin Holdings, Competition Commissioner Joaquin Almunia told a press conference.

Benchmark-rigging probes are ongoing: U.S. attorney general

WASHINGTON (Reuters) - The record fines handed down by EU authorities on Wednesday for rigging financial benchmarks are unlikely to be the last action on a subject that has become a major liability for banks, U.S. Attorney General Eric Holder said on Wednesday. In an interview with Reuters, Holder, the chief U.S. law enforcement official, said that U.S. investigators and their European counterparts are continuing to look at possible manipulation of rate-setting. "I doubt this is going to be the last development on the issue," he said.

EU slaps record fines on banks for latest abuses

The European Union imposed a record 1.7 billion euros ($2.3 billion) in fines on six institutions on Wednesday for rigging key interest rates that affect vast sums of money around the world. The sanction comes after several other massive penalties imposed on the world's biggest banks over the malpractices which have besmirched the reputation of the sector.

EU Commission fines banks $2.3 billion for benchmark rigging

By Foo Yun Chee BRUSSELS (Reuters) - EU antitrust regulators vowed to keep investigating rate- rigging on Wednesday as they slapped a record 1.7 billion euro ($2.3 billion) penalty on six financial institutions including Deutsche Bank, RBS and JPMorgan. The fines by the Commission, which along with authorities around the globe has been examining the manipulation of London interbank offered rate (Libor) and its euro equivalent Euribor, takes the tally of penalties related to the scandal to almost $6 billion.

EU slaps record fines on banks for latest abuses

The European Union imposed a record 1.7 billion euros ($2.3 billion) in fines on six institutions on Wednesday for rigging key interest rates that affect vast sums of money around the world. The sanction comes after several other massive penalties imposed on the world's biggest banks over the malpractices which have besmirched the reputation of the sector.

EU fines six banks record 1.7 bn euros for rate fixing

The European Union fined six finance groups a record 1.7 billion euros ($2.3 billion) on Wednesday for rigging the Euribor and Japanese yen Tibor interest rates. German Deutsche Bank, involved in rigging both rates, was fined a total of 725 million euros, and French Societe Generale was fined 446 million euros for manipulating the European Euribor rate. British bank RBS, already mired in controversy, was fined 391 million euros for involvement in cartels which rigged both rates.

Ex-RBS trader fired over Libor drops wrongful dismissal case

SINGAPORE (Reuters) - A former trader for Royal Bank of Scotland Plc who was fired for allegedly trying to manipulate the London interbank offered rate (Libor) has dropped a wrongful dismissal case against the British lender. Tan Chi Min was sacked from his Singapore-based role as head of delta trading for the bank's Global Banking and Markets division in November 2011. The bank and Tan's lawyer Suresh Nair both confirmed that he had decided not to continue the case, and that each side will bear their own legal costs.

EU fines eight banks record 1.7 bn euros for rate fixing

The European Union fined eight finance groups a record 1.7 billion euros on Wednesday for rigging the Euribor and Japanese yen Tibor interest rates. German Deutsche Bank, involved in rigging both rates, was fined a total of 725 million euros ($985 million), and French Societe Generale was fined 446 million euros for manipulating the European Euribor rate. celcb/hd/lc

EU readies multi-million euro benchmark rigging fines: sources

By Foo Yun Chee BRUSSELS (Reuters) - European Union antitrust regulators will impose multi-million euro fines on six banks including Citigroup, Deutsche Bank and Royal Bank of Scotland on Wednesday for rigging key interest rate benchmarks, sources said. JPMorgan and Barclays were also in the group charged with manipulating the London interbank offered rate Libor and the Tokyo interbank offered rate Tibor, a person familiar with the matter said.
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