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Last Thursday the European Central Bank announced it will pump extra piles of freshly printed money into Eurozone’s banking system. The President of ECB, Mario Draghi said that he will be delivering €80 billion a month for the public bonds owned by banks for as long as it is needed. On top of this, the […]
This week the European Parliament and the European Central Bank rather unknowingly or unwillingly failed to protect the European citizens from the attacks of ‘money sharks’. In two different occasions the two most important European institutions secured the bankers reign on peoples’ money. Let us take one thing at a time. When the average hard […]
Three major international banking firms Crédit Agricole, HSBC and JPMorgan Chase came yesterday again under the watchful eye of the European Commission, for their role in financial sector cartels (interest rates and derivatives denominated in euro). It’s about financial products based on the Euribor (euro interbank offered rate), an interest rate benchmark. This interest rate […]
Today, the European Commission fined 8 major banks a total of € 1.7 billion for participating in cartels rigging interest rate benchmarks in markets for financial derivatives covering the European Economic Area (EEA). According to the Commission, four of these firms participated in a cartel relating to interest rate derivatives denominated in euro, and six […]
The European Commission adopted yesterday additional “measures to restore confidence in benchmarks following Libor and Euribor scandals”. The new draft legislation complements the political agreement on Market Abuse Regulation proposed by the Commission last July and endorsed by the Parliament and the Council. Benchmark setting is not confined only to interest rates like Libor and […]
The plenary session of the European Parliament followed yesterday a motion of the Economic and monetary affairs Committee and adopted in ‘the first reading’ the text of a draft Regulation providing for tougher sanctions for financial markets manipulation. This is an ordinary legislative procedure repealing Directive 2003/6/EC. According to a Parliament Press release issued afterwards […]
On Wednesday 18 September the European Commission is expected to propose a draft legislation on financial benchmarks to protect their setting from fraud and collusion. The stakes are so big that surpass the wildest imagination. For example Libor, the London market interest rate benchmark, is used as a base for interest rates settlements all over […]
The European Commission plans to propose on Wednesday 18 September draft legislation against the fraudulent setting and use of financial benchmarks like Euribor, Libor and the Baltic Indices. This comes on top of investigations launched recently in London, New York even in Brussels, where bankers are being criminally prosecuted, and thirteen giant western investment banking […]
Last week the European Central Bank issued a press release welcoming the EU Commission’s initiative to regulate the banking industry’s setting of benchmark interest rates, like the Euribor. Interbank interest rate benchmarks are systemic and vital to the entire financial system. Any failures may cause losses for investors, distort the real economy and undermine market […]
The almost three centuries old Baltic Exchange is a private and closed platform, where around 60 shipping brokers based mainly in London are contributing voluntarily their cargo prices. On the base of those contributions the Exchange publishes benchmark freight price indexes for a round number of 70 sea routes and vessel categories. The indexes are […]
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