News & Insights

235 Results
June 27, 2012

The Order finds that Barclays attempted to manipulate interest rates and made related false reports to benefit its derivatives trading positions. The Order also finds that Barclays made false LIBOR reports at the direction of members of senior management to protect its reputation during the global financial crisis. View press release in full here(links externally to CFTC website).View Chairman Gary Genslers statement here.

February 26, 2013

CFTC Commissioner Bart Chilton called for the systematic review of all major financial benchmarks during a statement he made before the International Roundtable on Financial Benchmarks on February 26, 2013. He expressed the need for a "governmental, quasi-governmental or not-for-profit" oversight of all the major marks used by the industry. He specifically referred to the LIBOR, energy swaps, gold and silver fixes in London, and the "whole litany of bors." He went on to say that "every single [bench]mark needs to be reviewed, and potentially investigated." View Statement in full here (links

September 25, 2013

The CFTC issued an Order with regard to interdealer broker ICAP Europe Limited ("ICAP"), bringing and settling charges of manipulation, attempted manipulation, false reporting, and aiding and abetting derivatives traders' manipulation relating to the London Interbank Offered Rate ("LIBOR") for Yen. The CFTC's Order states that, for more than four years, ICAP brokers knowingly disseminated false and misleading information on ICAP's Yen derivatives and cash desks concerning Yen borrowing rates to market participants. The Order also alleges that ICAP brokers attempted to manipulate the official

June 10, 2014

The London Bullion Market Association ("LMBA") concluded its London Silver Price Consultation survey, which indicated the general consensus that an electronic, auction-based benchmark should replace the London silver fix. The 440 participants in the survey also called for a tradable pricing system with an increased number of direct participants. More specifically, responses to the survey included: an average rating of 7.5 out of 10 regarding the usefulness of the current London silver price mechanism; 64 percent of respondents said they use the silver price mechanism daily, 24 percent said

August 15, 2014

CME Group, Thomson Reuters, and the London Bullion Market Association ("LBMA") announced the launch of a new transaction-based, price-setting mechanism for the LBMA Silver Price. According to press releases, the LBMA Silver Price mechanism is IOSCO-compliant and fully electronic. CME Group stated it will provide the electronic platform on which the price will be calculated, Thomson Reuters will be responsible for administration and governance, and the LBMA will accredit price participants. The new LBMA Silver Price benchmark will be published and distributed by Thomson Reuters and will be