News Centre

Statement By The Eurogroup On Cyprus

Date 27/06/2012

The Eurogroup welcomes the request of the Cypriot authorities for financial assistance from euro area Member States in view of the challenges that Cyprus is facing, in particular due to distress in the banking sector and the presence of macroeconomic imbalances. The Eurogroup acknowledges that an adjustment programme seems warranted at this stage and considers responding favorably to it. The Eurogroup also welcomes the request of Cyprus for financial assistance from the IMF, which in turn would be considered in line with its internal procedures. Ministers invite the Commission, in liaison with the ECB, and the Cypriot authorities and the IMF to agree on a programme, including the financing needs, and take appropriate action to safeguard financial stability, in light of the current very challenging external environment and spill-over effects from sovereign market turbulence. 

Barclays Bank PLC Settlement With Authorities

Date 27/06/2012

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.

BBA Statement On FSA LIBOR Investigation

Date 27/06/2012

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."

FESE General Assembly Appoints A New Member Of The Board And A New Chair Of The Management Committee

Date 27/06/2012

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.

Statement Regarding CFTC Charges Against Barclays PLC, Barclays Bank PLC And Barclays Capital Inc. - CFTC Chairman Gary Gensler

Date 27/06/2012

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."

HKFE Announces Revised Margins For Futures Contracts

Date 27/06/2012

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.

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

Date 27/06/2012

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, 

Barclays Fined £59.5 Million For Significant Failings In Relation To LIBOR And EURIBOR

Date 27/06/2012

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.

Steven Maijoor Chair Of ESMA Interviewed By The BBC On Credit Rating Agencies

Date 27/06/2012

Steven Maijoor was interviewed on BBC Radio 4’s Today programme on Tuesday 26^th about ESMA’s role in supervising the Credit Rating Agencies, please listen here. 

Securities Commission Malaysia: Court Of Appeal Imposes 12 Months Jail Sentence For Market Manipulation

Date 27/06/2012

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.