Europe’s planned tax on financial transactions may fail to reduce market risks and could increase household costs, according to a PricewaterhouseCoopers LLP study commissioned by the financial industry.
By this point regulators have brought a bunch of cases against banks and people who manipulated the London interbank offered rate and have learned some lessons from those cases. Perhaps the most important lesson is that these cases are sort of boring, but they are enlivened by just bushels of dumb emails and instant messages.
Three former ICAP Plc employees were charged by U.S. prosecutors in a scheme to manipulate Libor as the interdealer broker was fined $88 million in a five-year international probe of rigging of benchmark interest rates.
U.K. prosecutors may bring another round of charges against traders and brokers linked to the Libor scandal as soon as next month, according to lawyers familiar with the investigation, now in its fifth year.