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What was the LIBOR rate, and what happened to it?
LIBOR set interest rates for trillions of dollars in loans for over 30 years. Banks manipulated the rate because it relied on estimates rather than real transactions. A new system called SOFR replaced ...
— -- A new scandal in the banking industry is undermining its image, already tarnished by rogue trading at JPMorganChase and the 2008 subprime mortgage collapse. At the heart of the scandal: ...
It took more than a decade but Libor, the benchmark borrowing rate at the heart of a rigging scandal that blew up in the early 2010s, is now officially no more. A Libor rate was used for the last time ...
LONDON (Reuters) - Standard Chartered won its bid in a London court on Tuesday to replace the financial benchmark it used to set dividend rates for some shares, which the bank said provided "clarity" ...
The Hague, Netherlands, June 28, 2023 – Shell International Finance B.V. (“Shell International”), has outstanding floating rate debt, being $500,000,000 Floating Rate Guaranteed Notes due 2023 ...
CHARLOTTE, N.C., May 26, 2023 /PRNewswire/ -- Truist Financial Corporation (TFC) announced today that, after June 30, 2023, CME Term SOFR will be the replacement reference rate for certain outstanding ...
Tom Hayes, the first trader ever jailed for interest rate rigging, had his conviction overturned by Britain’s top court Wednesday after a years-long fight to clear his name. The UK Supreme Court ...
NEW YORK (Reuters) -Tom Hayes, the former trader who was a face of the global Libor-rigging scandal before his conviction was overturned in July, sued his former employer UBS for more than $400 ...
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