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]



Merrill Lynch Jumps The Gun On Brexit

Turns out the EU’s rules still apply in Blighty for now.

(Getty Images for Yahoo Finance)

Just How Fulsome Was Jes Staley’s Description Of His Ties To Jeffrey Epstein To British Regulators?

They’d like to know if he improperly kept his underwear on in his disclosures to them.

New British Regulators May Not Have Done Any Better Than The FSA, But It Was Totally Worth The Trouble Of Setting Them Up Anyway

As you may have heard, the U.K. is putting the FSA out to pasture at the end of the month. In its place on April 1 will sit the Prudential Regulation Authority—success guaranteed by the name alone—and the Financial Conduct Authority.