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Old 02-17-2012, 02:34 PM
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Mary Pat Campbell
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http://www.bloomberg.com/news/2012-0...-controls.html

Quote:
Global regulators have exposed flaws in banks’ internal controls that may have allowed traders to manipulate interest rates around the world, two people with knowledge of the probe said.

Investigators also have received e-mail evidence of potential collusion between firms setting the London interbank offered rate, said the people, who declined to be identified because they weren’t authorized to speak publicly. Regulators are focusing on a lack of so-called Chinese walls between traders and employees making interest-rate submissions on behalf of their banks, the people said. In some cases, the two groups may have sat close to each other, one person said.
....
Regulators worldwide are investigating whether banks attempted to manipulate the London, Tokyo and euro interbank offered rates, known as Libor, Tibor and Euribor. The U.S. Securities and Exchange Commission, U.S. Commodity Futures Trading Commission, U.S. Department of Justice, and Japan’s Financial Supervisory Agency are all involved. The probes are being led separately, with individual regulators sharing some information among themselves, one of the people said.
....
Price-Fixing
Antitrust authorities are focusing on whether banks might have helped a competitor manipulate one rate in exchange for help moving borrowing costs in a different currency, said another person with knowledge of the investigation. Regulators may view the conduct as a form of price-fixing because it could affect the price of the derivative products, the person said.

The FSA is investigating whether banks’ Libor submissions reflected their actual cost of borrowing and is scrutinizing market data for potential anomalies, another person familiar with the investigation said. The watchdog is scanning e-mails between bankers for code words that could be used to manipulate Libor, said the person, who declined to be identified because they weren’t authorized to speak publicly.
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