Libor

Jane Wallace reports from our recent fixed income event.

RBS has suspended a trader for trying to rig the Singapore dollar swap offer rate, according to reports, in the latest case of interest rate benchmark manipulation.

Barclays has restructured its investment banking arm in an effort to cut costs and limit further reputational damage following the LIBOR scandal.

The LIBOR system is "broken and needs a complete overhaul", according to Financial Services Authority (FSA) head of conduct Martin Wheatley.

Senior bank staff overseeing traders who set LIBOR will need to be formally authorised by the Financial Services Authority (FSA) under new proposals to combat rate rigging, Sky News reports.

The British Bankers' Association (BBA) could be stripped of its role in setting the LIBOR interbank lending rate following the fixing scandal which saw Bob Diamond step down as the CEO of Barclays.

Bank of England governor Mervyn King has called the end of the recession in the UK and pointed to signs of growth returning to the economy.

Four years after Lehman Brothers suffered the largest bankruptcy in US history, a former vice president at the investment bank has warned the financial system is on a ‘collision course' for another 2008-style event.

GOSLING'S GROUSE

The Investment Management Association (IMA) has urged the Financial Services Authority to keep LIBOR in place but has called for the lending rate to be reformed.