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Holding bankers to accountA decade of market manipulation, regulatory failures and regulatory reforms$
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Oonagh McDonald CBE

Print publication date: 2019

Print ISBN-13: 9781526119438

Published to Manchester Scholarship Online: September 2019

DOI: 10.7228/manchester/9781526119438.001.0001

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PRINTED FROM MANCHESTER SCHOLARSHIP ONLINE (www.manchester.universitypressscholarship.com). (c) Copyright Manchester University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MSO for personal use.date: 21 September 2021

Manipulation abounds

Manipulation abounds

(p.53) Chapter 3 Manipulation abounds
Holding bankers to account

Oonagh McDonald

Manchester University Press

This chapter charts the loss of faith in LIBOR that began to set in during the Financial Crisis, particularly following two articles in the Wall Street Journal. Investigation by the regulators subsequently revealed that a number of early warnings had been overlooked, and that certain banks had been distorting rates since at least 2005. Drawing on FSA reports, the chapter demonstrates the day-to-day manipulation practiced by traders at Barclays, the Royal Bank of Scotland and UBS.

Keywords:   LIBOR, Wall Street Journal, Barclays, Royal Bank of Scotland, UBS, Financial Conduct Authority, Financial Standards Authority, Commodity Futures Trading Commission

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