 |
Libor
The London Inter-Bank Offered Rate (Libor ) was an interest rate average calculated from estimates submitted by the leading Bank, banks in London. Each bank estimated what it would be charged were it to borrow from other banks. It was the primary benchmark, along with the Euribor, for short-term interest rates around the world. Libor was phased out at the end of 2021, with market participants encouraged to transition to risk-free interest rates such as SOFR and SARON. LIBOR was discontinued in the summer of 2023. The last rates were published on 30 June 2023 before 12:00 pm UK time. The 1 month, 3 month, 6 month, and 12 month Secured Overnight Financing Rate (SOFR) is its replacement. In July 2023, the International Organization of Securities Commissions (IOSCO) said four unnamed United States dollar, dollar-denominated alternatives to LIBOR, known as "credit-sensitive rates", had "varying degrees of vulnerability" that might appear during times of market stress. Libor rates w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
SOFR
Secured Overnight Financing Rate (SOFR) is a secured overnight rate, overnight interest rate. SOFR is a reference rate (that is, a rate used by parties in commercial contracts that is outside their direct control) established as an alternative to Libor, LIBOR. LIBOR had been published in a number of currencies and underpins financial contracts all over the world. Deeming it prone to manipulation, UK regulators decided to discontinue LIBOR in 2021. In 2022, the LIBOR Act passed by the United States Congress, U.S. Congress established SOFR as a default replacement rate for LIBOR contracts that lack mechanisms to deal with LIBOR's cessation. The Act also grants a safe harbor to LIBOR contracts that transition to SOFR. Previously, SOFR was seen as the likely successor of LIBOR in the US since at least 2021. SOFR uses actual costs of transactions in the overnight Repurchase agreement, repo market, calculated by the Federal Reserve Bank of New York, New York Federal Reserve. With US gov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
|
Libor Scandal
The Libor scandal was a series of fraudulent actions connected to the Libor (London Inter-bank Offered Rate) and also the resulting investigation and reaction. Libor is an average interest rate calculated through submissions of interest rates by major banks across the world. The scandal arose when it was discovered in 2012 that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were. Libor underpins approximately $350 trillion in derivatives. It is currently administered by Intercontinental Exchange (ICE), which took over running the Libor in January 2014.Calculating Interest . British Bankers' Association. Retrieved 17 July 2012. The banks are supposed to submit the actual |
|
|
British Bankers' Association
The British Bankers' Association (BBA) was a trade association for the UK banking and financial services sector. From 1 July 2017, it was merged into UK Finance. It represented members from a wide range of banking and financial services. The association lobbied for its members and gave its view on the legislative and regulatory system for banking in the UK. History The BBA was founded in 1919 by the merger of two pre-existing bodies, the Central Association of Bankers (est. 1895 in London, 34 St Clements Lane) and the Association of English Country Bankers (est. 1874 and itself one of the Central Association's founders). Until 1972, the BBA was only open to British domestic, colonial and dominion banks. In 1972, it opened itself to all banks operating in the United Kingdom. In 1975 responsibility for money transmission services moved to Association for Payment Clearing Services (APACS) (which became UK Payments Administration (UKPA) in 2009). In 1991, the Committee of London ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
 |
Euribor
The Euro Interbank Offered Rate (Euribor) is a daily reference rate, published by the European Money Markets Institute, based on the averaged interest rates at which Eurozone banks borrow unsecured funds from counterparties in the euro wholesale money market (before only in the interbank market). Prior to 2015, the rate was published by the European Banking Federation. Scope Euribors are used as a reference rate for euro-denominated forward rate agreements, short-term interest rate futures contracts and interest rate swaps, in very much the same way as LIBORs are commonly used for Sterling and US dollar-denominated instruments. They thus provide the basis for some of the world's most liquid and active interest rate markets. Domestic reference rates, like Paris's PIBOR, Frankfurt's FIBOR, and Helsinki's Helibor merged into Euribor on EMU day on 1 January 1999. Euribor should be distinguished from the less commonly used "Euro LIBOR" rates set in London by 16 major banks ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
Overnight Rate
The overnight rate is generally the interest rate that large banks use to borrow and lend from one another in the overnight market. In some countries (the United States, for example), the overnight rate may be the rate targeted by the central bank to influence monetary policy. In most countries, the central bank is also a participant on the overnight lending market, and will lend or borrow money to some group of banks. There may be a published overnight rate that represents an average of the rates at which banks lend to each other; certain types of overnight operations may be limited to qualified banks. The precise name of the overnight rate will vary from country to country. Background Throughout the course of a day, banks will transfer money to each other, to foreign banks, to large clients, and other counterparties on behalf of clients or on their own account. At the end of each working day, a bank may have a surplus or shortage of funds (or a shortage or excess reserves in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
 |
Financial Services Authority
The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985. Its board was appointed by the Treasury, although it operated independently of government. It was structured as a company limited by guarantee and was funded entirely by fees charged to the financial services industry. Due to perceived regulatory failure of the banks during the 2008 financial crisis, the UK government decided to restructure financial regulation and abolish the FSA. On 19 December 2012, the Financial Services Act 2012 received royal assent, abolishing the FSA with effect from 1 April 2013. Its responsibilities were then split between two new agencies: the Financial Conduct Authority and the Prudential Regulation Authority of the Bank of England. Until its abolition, Lord Turner of Ecchinswell was the FSA's chairman an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
 |
Barclays Bank
Barclays PLC (, occasionally ) is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services. Barclays traces its origins to the goldsmith banking business established in the City of London in 1690. James Barclay became a partner in the business in 1736. In 1896, twelve banks in London and the English provinces, including Goslings Bank, Backhouse's Bank and Gurney, Peckover and Company, united as a joint-stock bank under the name Barclays and Co. Over the following decades, Barclays expanded to become a nationwide bank. In 1967, Barclays deployed the world's first cash dispenser. Barclays has made numerous corporate acquisitions, including of London, Provincial and South Western Bank in 1918, British Linen Bank in 1919, Mercantile Credit in 1975, the Woolwich in 2000 and the North American operations of Lehman Brothers in 2 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
Londres 353
Londres may refer to: Locations * London, capital of the United Kingdom and England, called ''Londres'' in French, Spanish, Portuguese, Catalan, Galician, and Filipino * Londres, Catamarca, Argentina, formally "San Juan de la Ribera de Londres" or "Londres de la Nueva Inglaterra" * Londres, Lot-et-Garonne, a former commune of France, now part of Puymiclan * Nueva Londres, a town in the Caaguazú department of Paraguay People with the surname * Albert Londres Albert Londres (1 November 1884 – 16 May 1932) was a French journalist and writer. One of the inventors of investigative journalism, Londres not only reported news but created it, and reported it from a personal perspective. He criticized abu ... (1884–1932), French journalist and writer * Richie Londres, also known as Altered Beats, English musician, hip hop record producer, lead guitarist and multi-instrumentalist Other uses * Albert Londres Prize, prize in the name of Albert Londres * Radio Londres, a radi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
 |
Collusion
Collusion is a deceitful agreement or secret cooperation between two or more parties to limit open competition by deceiving, misleading or defrauding others of their legal right. Collusion is not always considered illegal. It can be used to attain objectives forbidden by law; for example, by defrauding or gaining an unfair market advantage. It is an agreement among firms or individuals to divide a market, set prices, limit production or limit opportunities. It can involve "unions, wage fixing, kickbacks, or misrepresenting the independence of the relationship between the colluding parties". In legal terms, all acts effected by collusion are considered void (law), void. Definition In the study of economics and market competition, collusion takes place within an Industry (economics), industry when rival companies cooperate for their mutual benefit. Conspiracy usually involves an agreement between two or more sellers to take action to suppress competition between sellers in the m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
 |
British Government
His Majesty's Government, abbreviated to HM Government or otherwise UK Government, is the central government, central executive authority of the United Kingdom of Great Britain and Northern Ireland.Overview of the UK system of government : Directgov – Government, citizens and rights Archived direct.gov.uk webpage. Retrieved on 29 August 2014. The government is led by the Prime Minister of the United Kingdom, prime minister (Keir Starmer since 5 July 2024) who appoints all the other British Government frontbench, ministers. The country has had a Labour Party (UK), Labour government since 2024 United Kingdom general election, 2024. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
Martin Wheatley
Martin Wheatley is a British financier, formerly managing director of the Consumer and Markets Business Unit of the Financial Services Authority in the UK, and is the former CEO of the Financial Conduct Authority. In London Wheatley worked for the London Stock Exchange for 18 years, including six years on its board. He rose to the position of deputy chief executive, and was closely involved with the failed merger with Deutsche Börse which resulted in the resignation of the LSE's chief executive Gavin Casey. Wheatley was also Chairman of the FTSE International and sat on the Listing Authority Advisory Committee of the UK Financial Services Authority (FSA). In 2003, Wheatley earned a salary of £224,000 and a bonus of £318,000. However, he was made redundant in February 2004; he was expected to receive a severance package of at least £210,000. In Hong Kong In June 2004, Wheatley joined Hong Kong's Securities and Futures Commission, the market regulator which oversees the Hong Ko ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
|
 |
Hedge (finance)
A hedge is an investment Position (finance), position intended to offset potential losses or gains that may be incurred by a companion investment. A hedge can be constructed from many types of financial instruments, including stocks, exchange-traded funds, insurance policy, insurance, forward contracts, swap (finance), swaps, option (finance), options, gambles, many types of Over-the-counter (finance), over-the-counter and Derivative (finance), derivative products, and futures contracts. Public futures markets were established in the 19th century to allow transparent, standardized, and efficient hedging of agricultural commodity prices; they have since expanded to include futures contracts for hedging the values of Energy derivative, energy, precious metals, foreign currency, and interest rate fluctuations. Etymology Hedging is the practice of taking a position in one market to offset and balance against the risk adopted by assuming a position in a contrary or opposing market o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |