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Three former ICAP brokers in UK court on Libor fixing charges

By Clare Hutchison LONDON (Reuters) - Three former brokers at ICAP <IAP.L>, the world's largest interdealer broker, appeared in a London court on Tuesday charged with running a four-year scheme to manipulate Libor benchmark interest rates.

Barclays settles second Libor-linked UK court case

LONDON (Reuters) - Barclays <BARC.L> has settled its second lawsuit in a week that alleged the British bank had mis-sold products that were tied to Libor benchmark interest rates. Barclays said on Friday it had reached a compromise in its proceedings with Portuguese construction and property firm Domingos Da Silva Teixeira in London's Commercial Court. "Following discussions between the parties, a commercial resolution has been reached as to the Commercial Court proceedings," Barclays said in a statement.

Forex rigging 'as serious as' Libor scandal

An ongoing probe into alleged manipulation of foreign exchange market suggests that the case is "as serious as" the Libor rate rigging scandal that rocked the financial sector, Bank of England governor Mark Carney said Tuesday. "This is extremely serious... this is as serious as Libor, if not more so," Carney told a panel of British MPs amid the worldwide forex investigation. bcp/hmn

Forex rigging 'as serious as' Libor scandal

An ongoing probe into alleged manipulation of foreign exchange market suggests that the case is "as serious as" the Libor rate rigging scandal that rocked the financial sector, Bank of England governor Mark Carney said Tuesday. "This is extremely serious... this is as serious as Libor, if not more so," Carney told a panel of British MPs amid the worldwide forex investigation. bcp/hmn

UK regulator probes private accounts of forex traders: FT

(Reuters) - The UK's Financial Conduct Authority (FCA) is probing the use of personal accounts by foreign exchange traders amid allegations that traders used these accounts to trade their own money ahead of clients' orders, the Financial Times reported on Monday, citing two sources close to the investigation. The FT said the FCA had asked several banks to investigate whether traders used undeclared personal accounts. (http://r.reuters.com/kep74v) A spokesman for the FCA declined to comment.

RBS handed FX trader messages to UK regulator: source

LONDON (Reuters) - Royal Bank of Scotland (RBS) <RBS.L> has handed instant messages sent by a former currency trader to counterparts at other banks to Britain's financial regulator as part of its probe into the foreign exchange market, a source familiar with the matter said. Investigations into the $5 trillion-a-day market have broadened with authorities in Switzerland and Britain looking into whether traders at banks sought to manipulate benchmark foreign currency rates.

Europe sets out plans to stop benchmark rigging

By John O'Donnell and Barbara Lewis BRUSSELS (Reuters) - European Union regulators proposed new rules on setting commodity and interest-rate benchmarks on Wednesday that backed away from their earlier plans for sweeping EU oversight of the multi-trillion-euro markets.

Bankers get one last bonus season before EU cap on payouts

By John O'Donnell BRUSSELS (Reuters) - Bankers in Europe will have one final bonus season before they are barred from awarding themselves payouts worth more than their salary, EU lawmakers agreed on Wednesday, paving the way for the first cap of its kind globally. The cap is designed to address public anger at a bonus-driven culture many European politicians believe encouraged the risk-taking that led to the near-collapse of some of the region's biggest banks.

Royal Bank of Scotland posts 2012 net loss of £5.971 billion

State-rescued Royal Bank of Scotland said Thursday that net losses almost tripled to £5.97 billion in 2012, when it was hit by compensation payouts, Libor rate-rigging fines and a vast accounting charge. The enormous loss after taxation, equivalent to $9.05 billion or 6.89 billion euros, compared with a shortfall of £1.997 billion in 2011, the lender announced in a results statement. It marked the bank's fifth successive annual net loss.

AFP World Economic News Summary

The top world economic stories on Wednesday: Britain-banking-scandal-RBS-Libor-fine LONDON: Royal Bank of Scotland said it had agreed to pay penalties totalling $612 million (453 million euros) to US and British regulators to settle allegations of trying to rig the setting of the key Libor interst rate. Stocks-Japan TOKYO: Tokyo's benchmark Nikkei 225 index soared to the highest close since September 2008, when the global financial crisis was rippling across global equity markets. Finance-public-debt-EU-forex-politics
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