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Date 27/06/2012
Barclays Bank PLC Settlement With Authorities
Barclays has announced today that it has reached settlements in relation to investigations with the Financial Services Authority (“FSA”), the US Commodity Futures Trading Commission (“CFTC”) and the United States Department of Justice Fraud Section (“DOJ”) (together the “Authorities”) into submissions made by Barclays and other panel members to the bodies that set various interbank offered rates.
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Date 27/06/2012
BBA Statement On FSA LIBOR Investigation
The BBA said:
"This is an announcement with extremely serious implications which need to be carefully considered and the investigation findings will be fully included in the current review of Libor. This review was announced earlier this year and the authorities are fully engaged with it. Today's statement by the Financial Services Authority is the strongest possible confirmation that the LIBOR contributions and processes followed by the contributor banks must meet the necessary regulatory obligations and observe the highest standards in ensuring the accuracy of the rate." -
Date 27/06/2012
FESE General Assembly Appoints A New Member Of The Board And A New Chair Of The Management Committee
The FESE General Assembly met on Friday 22nd June in Istanbul and unanimously approved the appointment of Mr Mark MacGann, Senior Vice President, Head of European Government Affairs and Public Advocacy at NYSE Euronext to the FESE Board replacing Garry Jones, who recently stepped down from this position.
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Date 27/06/2012
Statement Regarding CFTC Charges Against Barclays PLC, Barclays Bank PLC And Barclays Capital Inc. - CFTC Chairman Gary Gensler
Commodity Futures Trading Commission Chairman Gary Gensler today issued the following statement:
“People taking out small business loans, student loans and mortgages, as well as big companies involved in complex transactions, all rely on the honesty of benchmark rates like LIBOR for the cost of their borrowings. Banks must not attempt to influence LIBOR or other indices based upon concerns about their reputation or the profitability of their trading positions."
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Date 27/06/2012
HKFE Announces Revised Margins For Futures Contracts
Hong Kong Futures Exchange Limited (HKFE), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEx), has announced that with effect from the commencement of trading on Tuesday, 3 July 2012, the minimum margins to be collected by an Exchange Participant from its clients in respect of their dealings in the following futures contracts will be as outlined in the table below. The adjustments are based on the clearing company’s normal procedures and standard margining methodology.
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Date 27/06/2012
CFTC Orders Barclays To Pay $200 Million Penalty For Attempted Manipulation Of And False Reporting Concerning LIBOR And Euribor Benchmark Interest Rates -The Order finds That Barclays Attempted To Manipulate Interest Rates And Made Related False Reports To Benefit Its Derivatives Trading Positions - The Order Also Finds That Barclays Made False LIBOR Reports At The Direction Of Members Of Senior Management To Protect Its Reputation During The Global Financial Crisis
The U.S. Commodity Futures Trading Commission (CFTC) issued an Order today filing and settling charges against Barclays PLC, Barclays Bank PLC (Barclays Bank) and Barclays Capital Inc.(Barclays Capital) (collectively Barclays or the Bank). The Order finds that 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,
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Date 27/06/2012
Barclays Fined £59.5 Million For Significant Failings In Relation To LIBOR And EURIBOR
The Financial Services Authority (FSA) has today fined Barclays Bank Plc (Barclays) £59.5 million for misconduct relating to the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR). This is the largest fine ever imposed by the FSA.
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Date 27/06/2012
Steven Maijoor Chair Of ESMA Interviewed By The BBC On Credit Rating Agencies
Steven Maijoor was interviewed on BBC Radio 4’s Today programme on Tuesday 26th about ESMA’s role in supervising the Credit Rating Agencies, please listen here.
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Date 27/06/2012
Securities Commission Malaysia: Court Of Appeal Imposes 12 Months Jail Sentence For Market Manipulation
In a landmark decision today, the Court of Appeal imposed a jail term of 12 months, and a fine of RM1.3 million fine on Dato’ Chin Chan Leong for market manipulation involving Fountain View Development Berhad (Fountain View) shares.
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Date 27/06/2012
The Egyptian Exchange (EGX) Organized a Workshop with 6th of October Investors' Association
The EgypƟan Exchange (EGX) organized today a workshop in collaboration with 6th of October investors’ association to overview the advantages of listing in NILEX, the market for Small and Medium Enterprises (SMEs), specially for the business community of 6th of October which is considered as a major industrial city.
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