Liborgate

Will Barclays reprise its role as sucker to take the hardest fall? Or has it learned its lesson and won’t be raising its hand first this time? Read more »

Given, you know, things, the Financial Conduct Authority would like to spend a little more time and money rooting out a certain type of conduct. Read more »

JP Morgan Chase and Deutsche Bank are extending bans on the use of multi-dealer online chatrooms, sources familiar with the plans told Reuters, as banks crack down on potentially inappropriate communications following a string of scandals. Chatrooms have been a focus for regulators investigating manipulation of benchmark interest rates and possible rigging in the $5.3 trillion-a-day foreign exchange (FX) market. A source familiar with developments at JP Morgan, the biggest U.S. bank by assets, said the decision was unrelated to the FX probes which surfaced in June, noting chatrooms had been under review at the bank since earlier this year. “This has always been about more than FX,” the source said, adding that the casual nature of online chatrooms increased the potential for “inappropriate” remarks to be made. [Reuters, Related: UBS Making Foreign Exchange Rate Manipulation Mildly More Inconvenient]

  • 21 Oct 2013 at 4:05 PM
  • Banks

Libor Manipulators Foiled By Ancient Internet Technology

Deep in the bowels of the Zwillingstürme, Deutsche Bank has found the secretive space where its rogue employees conspired to do terrible things to Libor. Read more »

Time was, RBS had a lax policy on its employees manipulating the price of securities. It wasn’t something management had ever expressed a problem with and certainly no one was going to get fired for doing so, if it was even noticed, which typically it was not. Which is why trader Alex Mallinson felt comfortable engaging in a little market abuse, and why Alex Mallison would’ve continued engaging in a little market abuse, if one guy hadn’t come along and ruined things for the whole group. Read more »

  • 26 Jun 2013 at 5:38 PM

Bonus Watch ’07: ICAP

Employees of the brokerage firm were (allegedly!) rewarded by UBS for a job well done (i.e. helping the Swiss bank Libor). Read more »

Diamond talked the situation through with Jennifer, his wife of 26 years. “What is the best thing right now I can do for the firm?” he asked. His answer: “Step aside and shut up.” His daughter, Nell, a recent graduate of Princeton, wasn’t quite so discreet. The morning after Diamond announced his resignation, she tweeted: “George Osborne and Ed Miliband you can go ahead and #HMD” — referring to a slang term that can’t be reprinted in these pages. (Google it.) She immediately called her father. “ ‘Dad, I think I did something really bad. I think I’m in trouble,’ ” Diamond recalled her saying. He told her: “Sweetie, I love you. That’s so nice. I think we’re probably all in trouble.” [NYT, earlier]