Libor
HKMA shores up Hibor-setting mechanisms
Package of measures aims to improve the transparency and robustness of the benchmark rate; UK bank fined $612 million by US and UK regulators over Libor rigging
BoJ research warns of unintended policy consequences from Libor
Working paper says reference rates such as Libor can provide valuable information to markets but may also skew central bank policy-making by adding noise to credit spreads
BBA delays phase-out of some Libor rates after complaints
Less-used rates will be produced until May 2013
BoJ paper finds noisy reference rate can create volatility
Working paper studies effect of reference rates on stabilising or destabilising interbank markets; finds noise in rates reported by large banks can feed volatility and impair monetary policy
FSA outlines plans for Libor reform
Regulator will directly oversee calculation of benchmark rate; could also compel banks to submit Libor fixings
Riksbank recommends interbank rate-setting reform
Central bank review finds no manipulation but identifies governance shortfalls; part of latest stability report that deems banks in Sweden ‘financially strong’
Stronger governance recommended for Hibor
Review of Hong Kong interbank offered rate finds no abuse in fixing process, but new code of conduct put forward to fortify governance
Sarb seeks to improve interbank rate governance
South African central bank says review of Jibar has revealed interbank rate is ‘fundamentally sound’, but produces code of conduct to improve rate-setting process
SNB paper examines Swiss franc unsecured money market
SNB research considers banks' ability to access central bank money; finds it is a neglected area of policy
Industry unmoved by death of minor-currency Libor
The Wheatley Review calls for an end to Libor quoting in five currencies, but the number of trades affected is small, say market participants
UK endorses Wheatley report to fix Libor
The UK Treasury has endorsed recommendations made by Martin Wheatley of the Financial Conduct Authority to fix Libor; will amend the UK’s Financial Services Bill
Wheatley unveils details of planned Libor reform
Martin Wheatley’s final report recommends ‘comprehensively reforming’ Libor rather than replacing the benchmark; BBA stripped of rate-setting role
BBA resigned to likely loss of Libor-setting role
British Bankers’ Association says it will comply with Wheatley review if decision taken to change Libor-setting responsibilities; review’s conclusions to be presented on September 28
MAS expands rate-setting review to cover NDFs
Monetary Authority of Singapore instructs banks to review rate-setting in forex market; banks instructed to discipline any staff found guilty of wrongdoing
EBA chairman underlines urgency of market benchmark reforms
Andrea Enria says European Banking Authority is working at a ‘much higher speed’ to address fixing of market benchmarks; investigation into Libor rate scandal is continuing
Central banks launch joint investigation into Libor scandal
Economic Consultative Committee announces examination of reference rates used in financial markets; market will be consulted
BoE counters concerns raised in Fixing Libor report
The Bank of England says new laws and processes will give the central bank greater regulatory powers in the future to deal with episodes similar to Libor
UK moves to address Libor debacle
Martin Wheatley presses ahead with UK government investigation into Libor manipulation; may replace the interest rate benchmark