With A New Year Dawning, Lloyd's Has (Allegedly) Found A Whole New Market To Manipulate

Libor is sooo 2015

And this is the thanks we get?!!?

One arm of the British government is taking a look at whether another was messing around with bonds issued by a third.

It's like Downton Abbey, but about public/private financial malfeasance:

The Financial Conduct Authority’s investigation, which is at an early stage, is examining in part whether Lloyds traders sought to increase their profits by driving down the prices that the British bonds, known as gilts, fetched in government auctions or by artificially inflating their prices when the bonds were sold on to other investors, one person said.

The investigation is currently focused on individual traders at Lloyds and isn’t a broader industrywide probe into the massive gilt market, another person said.

U.K. Regulator Probes Lloyds Traders for Possible Gilt-Market Manipulation [WSJ]


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