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‘When the financial rewards are so big, executives try to cheat the system’:
Barclays became the first bank to be fined as part of a global probe into suspected manipulation of the twin interest rates that are crucial to the operation of short-term financing and global markets.
“Barclays attempted to manipulate and made false reports concerning two global benchmark interest rates, Libor and Euribor, on numerous occasions and sometimes on a daily basis over a four-year period, commencing as early as 2005,” the Commodity Futures Trading Commission (CFTC) said on June 27.
Barclays has admitted that its traders had routinely submitted false readings, as they attempted to benefit their own lucrative derivatives deals.
The US watchdog added that employees at Barclays and its investment bank arm Barclays Capital had sought to boost trading positions to increase profits or minimise losses.
http://www.dailynews.lk/2012/07/09/wld03.asp
Barclays became the first bank to be fined as part of a global probe into suspected manipulation of the twin interest rates that are crucial to the operation of short-term financing and global markets.
“Barclays attempted to manipulate and made false reports concerning two global benchmark interest rates, Libor and Euribor, on numerous occasions and sometimes on a daily basis over a four-year period, commencing as early as 2005,” the Commodity Futures Trading Commission (CFTC) said on June 27.
Barclays has admitted that its traders had routinely submitted false readings, as they attempted to benefit their own lucrative derivatives deals.
The US watchdog added that employees at Barclays and its investment bank arm Barclays Capital had sought to boost trading positions to increase profits or minimise losses.
http://www.dailynews.lk/2012/07/09/wld03.asp