Libor

The interest rate once dubbed the most important number in finance finally dies this week

Libor scandals, Credit Suisse and the value of transparency

Financial authorities need to be accountable for their actions

Explained | What is LIBOR and why the new RBI instructions?

LIBOR is being completely phased out with effect from July 1st, 2023. The roots of this go back a long way, and lie in alleged rate manipulation by leading international banks.

LIBOR Transition: What it means for Indian banks

It is widely expected that Secured Overnight Financing Rate will be accepted as the new benchmark rate. SOFR is linked to US treasury market transactions and is an identified replacement for USD LIBOR, which will be phased out at the end of 2021

RBI issues advisory to banks to prepare for transition from LIBOR

The RBI said banks and financial institutions need to cease entering into new financial contracts that reference LIBOR as a benchmark and instead use any widely accepted alternative reference rate (ARR), as soon as practicable and in any case by December 31, 2021.

SBI and IOCL ink $100 million first SOFR linked deal in the ECB market

SBI and IOCL reached an important milestone in LIBOR transition with $100 million deal for five years.

LIBOR set to go and SOFR to replace it as new benchmark: Five questions answered

Indian banks have slowly started migrating to SOFR, the new reference rate that will replace LIBOR from next year onwards.

Markets threatened with instability if Libor is abolished: Global banks

The plaintiffs have said they want Libor to be either prohibited or set at zero with borrowers repaying capital but not interest. However, according to attorneys with banks, regulators have warned that even a small hindrance to Libor could devastate financial markets.

Ditch Libor to avoid New Year's Eve 2021 hangover: UK regulator

The coronavirus pandemic has delayed until early 2021 some interim milestones for ending the use of the London Interbank Offered Rate that is used to price financial contracts worth around $400 trillion globally.

Global regulator ratchets up pressure on banks and markets to ditch Libor

Libor is used to price contracts worth around $400 trillion, ranging from home loans to credit cards and swaps that are used by companies and banks to shield themselves against unexpected moves in borrowing costs.

Comment | Why global regulators, including RBI, are trying to reform financial benchmarks

The global financial crisis shook the very foundations of markets with financial benchmarks being one of them.

Reform momentum to gather pace in coming years: Jaitley

Economic reforms will continue to gain momentum in coming years as the country looks to push growth and attract investment in the infrastructure sector, Finance Minister Arun Jaitley said today.

Three former Barclays traders denied Libor appeal request

LONDON (Reuters) - Three former Barclays traders jailed for manipulating Libor benchmark interest rates after a London trial have been denied a request to appeal against their conviction and sentence, the wife of one said on Friday.

KEC Intl doesn't see a challenge in doing 10% growth this fiscal

In an interview to CNBC-TV18, Vimal Kejriwal, MD & CEO of KEC International spoke about the results and his outlook for the company.

Indian-origin former Barclays trader convicted in Libor trial

Three former Barclays traders have been found guilty by a London jury of conspiring to fraudulently manipulate global benchmark interest rates in a stark warning to junior bankers and a major victory for Britain's Serious Fraud Office

Barclays to pay $120 mln in US Libor litigation: Lawyers

The British bank is the first to resolve claims by so-called "over-the-counter" investors that transacted directly with banks comprising a panel to determine Libor, or the London Interbank Offered Rate.

India must remove limits on foreign borrowing: Sahoo panel

The committee headed by M S Sahoo, a former member of the Securities and Exchange Board of India, was given the task to review the rules on external commercial borrowings.

Chinese banks to join new gold fix from March

UK financial authorities are undertaking an assessment of financial benchmarks in the wake of a series of scandals, including over the gold fix.

Deutsche Bank says Anshu Jain enjoys 'full support'

Frankfurt-headquartered Deutsche Bank today said India born co-CEO Anshu Jain enjoys its "full support", a day after media reported that he may be replaced if implicated in an ongoing probe into currency manipulation.

RBI to cut swap rates on foreign currency deposits from Mar

The new rates will be LIBOR/Swap plus 300 basis points, down from LIBOR/Swap plus 400 bps earlier for maturities of three to five years, the central bank said.

RBI seeks to alter pricing method for money market rates

The draft report issued by the RBI recommended that the overnight Mumbai Interbank Bid Rate-Mumbai Interbank Offered Rate (Mibid-Mibor) fixing, a key gauge in money markets, be based on the volume-based weighted average of traded rates from 9 to 10 in the morning.

Banks' rate-fixing fines merit more investor concern

For the banks and their investors, such penalties have become almost run of the mill. Deutsche Bank, for example, the hardest hit with a combined € 724 million fine, suffered a share price fall of only 0.7 percent in Wednesday morning trading.

EU makes Libor rigging punishable with fines and bans

The EU law, approved by the European Parliament and due to come into force within two years, revises market abuse rules to make the rigging of benchmarks illegal.

RBI clarifies rule on trade credit for imports

The Reserve Bank of India clarified to banks on Thursday that the period of availing trade credit for imports should be linked to the operating cycle and trade transaction period.

Top banks named in ex-trader Hayes' Libor charges

Hayes is the first suspect to be brought before a court in an inquiry stretching from North America to Asia into how traders rigged crucial benchmark rates such as Libor (London interbank offered rate), against which trillions of dollars of loans are priced.