Reforming LIBOR and Other Financial-market Benchmarks PDF Download
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Author: Darrell Duffie
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Darrell Duffie
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Gabriela Pirana
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Many have called it the l ...
Author: Great Britain. Treasury
Publisher:
ISBN: 9781909096011
Category : Interest rates
Languages : en
Pages : 84
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Author: Stephen M. Bainbridge
Publisher:
ISBN:
Category :
Languages : en
Pages : 63
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The London Interbank Offe ...
Author: Wendy H. Baesler
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 72
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Book Description
Libor is a set of survey-based reference interest rates for an estimated $350 trillion in financial instruments. In 2013, administrators adopted several reforms designed to improve Libor. Two key reforms were (1) eliminate Libor collection for unpopular currencies and maturities, and (2) defer the public release of individual bank Libor submissions for 90 days. The intent of the first reform is to reduce bias and subjectivity by increasing the probability that an actual transaction is underpinning a Libor submission. The intent of the second reform is to reduce public signaling bias in the Libor submission; however, the period of anonymity granted in this reform also has the potential to increase bias from other directional incentives. Using an experiment, I examine whether estimates are less influenced by directional incentives when a closely-matching transaction is in the underlying dataset and whether a period of anonymity allows more influence of directional incentives. I collect data for two dependent variables but find statistically significant results only using the second. I find that the influence of directional incentives decreases when a closely-matching transaction is in the underlying dataset but that it increases when participants have a period of anonymity. These findings lend support to the first key reform but show Libor administrators an unintended consequence of the second key reform.
Author: Ismail Ertürk
Publisher: Taylor & Francis
ISBN: 1135007152
Category : Business & Economics
Languages : en
Pages : 459
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Book Description
The Routledge Companion to Banking Regulation and Reform provides a prestigious cutting edge international reference work offering students, researchers and policy makers a comprehensive guide to the paradigm shift in banking studies since the historic financial crisis in 2007. The transformation in banking over the last two decades has not been authoritatively and critically analysed by the mainstream academic literature. This unique collection brings together a multi-disciplinary group of leading authorities in the field to analyse and investigate post-crisis regulation and reform. Representing the wide spectrum of non-mainstream economics and finance, topics range widely from financial innovation to misconduct in banking, varieties of Eurozone banking to reforming dysfunctional global banking as well as topical issues such as off-shore financial centres, Libor fixing, corporate governance and the Dodd-Frank Act. Bringing together an authoritative range of international experts and perspectives, this invaluable body of heterodox research work provides a comprehensive compendium for researchers and academics of banking and finance as well as regulators and policy makers concerned with the global impact of financial institutions.
Author:
Publisher: Lulu.com
ISBN: 9291316695
Category : Bank capital
Languages : en
Pages : 294
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Author: David Hou
Publisher:
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Category :
Languages : en
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Author: Liam Vaughan
Publisher: John Wiley & Sons
ISBN: 1118995724
Category : Business & Economics
Languages : en
Pages : 229
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"The first thing you think is where's the edge, where can I make a bit more money, how can I push, push the boundaries. But the point is, you are greedy, you want every little bit of money that you can possibly get because, like I say, that is how you are judged, that is your performance metric" —Tom Hayes, 2013 In the midst of the financial crisis, Tom Hayes and his network of traders and brokers from Wall Street's leading firms set to work engineering the biggest financial conspiracy ever seen. As the rest of the world burned, they came together on secret chat rooms and late night phone calls to hatch an audacious plan to rig Libor, the 'world's most important number' and the basis for $350 trillion of securities from mortgages to loans to derivatives. Without the persistence of a rag-tag team of investigators from the U.S., they would have got away with it.... The Fix by award-winning Bloomberg journalists Liam Vaughan and Gavin Finch, is the inside story of the Libor scandal, told through the journey of the man at the centre of it: a young, scruffy, socially awkward misfit from England whose genius for math and obsessive personality made him a trading phenomenon, but ultimately paved the way for his own downfall. Based on hundreds of interviews, and unprecedented access to the traders and brokers involved, and the investigators who caught up with them, The Fix provides a rare look into the dark heart of global finance at the start of the 21st Century.
Author: Oonagh McDonald
Publisher: Manchester University Press
ISBN: 1526119463
Category : Business & Economics
Languages : en
Pages : 247
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Book Description
This book provides a compelling account of the rigging of benchmarks during and after the financial crisis of 2007–08. Written in clear language accessible to the non-specialist, it provides the historical context necessary for understanding the benchmarks – LIBOR, FOREX and the Gold and Silver Fixes – and shows how and why they have to be reformed in the face of rapid technological changes in markets. Though banks have been fined and a few traders have been jailed, justice will not be done until senior bankers are made responsible for their actions. Provocative and rigorously argued, this book makes concrete recommendations for improving the security of the financial services industry and holding bankers to account.
