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Top U.S. regulator wants Libor, Euribor scrapped

April 22, 2013 13:45
By Huw Jones LONDON (Reuters) - Two interest rate benchmarks that banks were fined for rigging should be scrapped and replaced by indicators based on market transactions, a top U.S. regulator said on Monday. The changes should also include benchmarks linked to gold, oil and other commodities, said Gary Gensler, chairman of the Commodity Futures Trading Commission said.

FSB's Carney wants Libor reform tackled by spring 2014

April 18, 2013 16:45
By Louise Egan and William Schomberg WASHINGTON (Reuters) - Global regulators will provide more clarity in a year's time on guidelines for financial benchmarks like Libor, Bank of Canada Governor Mark Carney said on Thursday, after a global rate-rigging scandal led to calls for reform of the system. Finance officials from the Group of 20 major economies plan to task the Financial Stability Board (FSB) - which Carney heads - with overseeing the reform of such benchmarks, two sources familiar with the situation told Reuters.

German regulator to step up Deutsche Libor probe - sources

April 18, 2013 12:45
By Matthias Sobolewski and Edward Taylor BERLIN/FRANKFURT (Reuters) - Germany's financial regulator has doubts about Deutsche Bank's <DBKGn.DE> internal probe into its role in a global interest rate rigging scandal and will step up its own investigations into the bank, two sources familiar with the matter said.

Europe needs clear order for loss imposition in bank closures - ECB

April 12, 2013 17:45
DUBLIN (Reuters) - Europe must clearly state the order in which it will impose losses on bank shareholders, creditors and depositors when it closes a bank and these rules should be in place from 2015, European Central Bank board member Joerg Asmussen said. The order of loss imposition in resolving European banks has to be set up as part of a wider so-called resolution framework that would set unified rules for all banks, making potential closures predictable and orderly, he said.

EU antitrust chief sees decisions in Libor probe by end of year

April 12, 2013 15:30
WASHINGTON (Reuters) - Europe's competition authority should have its first decisions by the end of the year in an investigation of alleged manipulation of key international interest rates, EU Competition Chief Joaquin Almunia said on Friday. Regulators in Europe, the United States and elsewhere have been looking into charges that traders fixed the interest rates offered on the Euro Interbank Offered Rate (Euribor) and London Interbank Offered Rate (Libor). The loans were denominated in dollars, euros and in the Swiss franc.

EU watchdogs see little Cyprus contagion risk, eye other dangers

April 12, 2013 10:00
By Jonathan Gould FRANKFURT (Reuters) - The European Union's three financial watchdogs see little chance of contagion from financially troubled Cyprus after completing their joint review of risks facing European financial markets.

Japan slaps RBS's wrist over LIBOR fixing

April 12, 2013 07:01
Japan's financial watchdog on Friday gave a slap on the wrist to the local arm of Royal Bank of Scotland over a rate-fixing scandal that saw the firm fined $612 million by UK and US regulators. Despite noting that a local trader had played a part in the LIBOR rigging that has rocked confidence in the financial world and saying the actions "could undermine the market integrity", the regulator issued little more than a ticking off.

Austrians' love of bank secrecy has deep roots

April 12, 2013 06:30
By Michael Shields VIENNA (Reuters) - Call it the battle for grandma's passbook. That is how politicians here are framing a debate over whether Austria should roll back banking secrecy and share information on depositors with European partners and the United States. Luxembourg's decision this week to open its books has fixed attention on Austria, the last EU holdout.

Japan orders RBS to boost compliance after rate manipulation

April 12, 2013 04:30
TOKYO (Reuters) - Japan's financial industry regulator ordered Royal Bank of Scotland's <RBS.L> Tokyo-based investment bank to bolster compliance after finding employees had sought to manipulate interest rates to profit on derivative trades. The Financial Services Agency's order to RBS Securities Japan is the latest punishment meted out by a regulator in the wake of a global scandal over the rigging of The London Interbank Offered Rate (Libor) and other benchmark rates.

RBS Japan investment bank boss to step down - source

April 11, 2013 12:46
LONDON (Reuters) - The boss of Royal Bank of Scotland's <RBS.L> Japanese investment bank will leave RBS following investigations by Japanese authorities into interest rate rigging, a source familiar with the matter said on Thursday. Japanese authorities could publish their findings as early as Friday, the source said, and Ryusuke Otani, chief executive officer at RBS Securities Japan, will step down at that time.
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