Thursday, 11 June 2015

Barclays told bank lobby to ensure Libor reflected reality, court hears

From The Economic Times –

“A senior Barclays executive told a British bank industry lobby overseeing Libor benchmark interest rates to start "bilateral conversations" with banks in 2008 to ensure rates reflected market reality, a London court heard on Tuesday.

The trial of Tom Hayes, a former yen derivatives trader accused of alleged benchmark interest rate rigging, has already revealed that the British Bankers' Association lobby group was concerned that banks were distorting or lowballing Libor during the 2007-2008 financial crisis to allay solvency fears.”

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