FCA Will Try Harder To Take The ‘London’ Out Of ‘London Interbank Offered Rate Manipulation’


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

The Financial Conduct Authority of Britain said on Monday that it would review the efforts investment banks are making to prevent manipulation of key benchmarks.

The initiative was announced as part of the agency’s business plan, in which it is seeking an increase of its budget to 452 million pounds, or about $752 million, for the 2014-15 fiscal year….

“We will increase the intensity with which we supervise wholesale conduct to ensure transactions between more sophisticated market participants do not have a harmful impact on market integrity,” the regulator said. “Through this we will also help prevent risks from the wholesale markets causing harm to retail consumers.”

British Regulator to Increase Scrutiny of Controls on Benchmark Rates [DealBook]
Ex-ICAP Brokers Charged Libor Probe as Total Hits 14 [Bloomberg]