The probe of Libor manipulation is proving to be the tip of the iceberg as inquiries into assets from derivatives to foreign exchange show that if there’s a chance to rig benchmark rates in world markets, someone is usually willing to try.
Commodity Futures Trading Commission investigators are poring over 1 million e-mails and instant messages as part of their price-manipulation probe of a swaps benchmark that helps determine interest rates on everything from annuities to bonds linked to skyscrapers.
The U.S. Supreme Court bolstered the authority of federal administrative agencies, upholding Federal Communications Commission deadlines for local zoning authorities considering applications for new wireless facilities.
ICAP Plc Chief Executive Officer Michael Spencer comments on efforts to curb the euro debt crisis and Greece. Spencer spoke in an interview at ICAP during a charity fund-raising event in his London offices.
Interdealer brokers, the middlemen who line up buyers and sellers of securities for banks, are emerging as key enablers in the Libor scandal after three firms paid a total of $2.6 billion for rigging global interest rates.