Dozens of traders from UBS, RBS, JP Morgan, Deutsche and Citi have been suspended or placed on administrative leave as UBS suspended its LIBOR desk and investigators continue to bring the castle down looking thru paperwork and trades to determine proof that traders at big US and European Banks colluded to influence the LIBOR and other benchmark lending rates.
Yvan Ducrot, head of UBS rates business and Holger Seger, Head of Short term interest rates trading are among those losing jobs as banks get ready to employ clawback requests from clauses on their pay contracts as well. Holger Seger is prominent on Linked in but Ducrot images aren’t available.
According tot he FT reference, LIBOR forms the bass of $350 tln of Financial products. UBS had approached the UK watchdog and SIFMA last year for a roughshod directed immunity in exchnage of information for their firm’s abuse of yen LIBOR and the Tokyo rate TIBOR
Japanese actioned UBS and Citi traders in December for their Tokyo desks attempts to influence the TIBOR and the yen LIBOR ( London rate for Yen)
Libor is generated through a daily survey of 16 prime banks and calculated for 10 currencies, including dollars, euros, yen and Swiss francs, by Reuters on behalf of the banks
Related articles
- Alleged banks’ plot in the spotlight of investigators (rt.com)
- Competition Bureau investigating global banks (cbc.ca)
- Li(e)borgate Set To Become “Next Big Litigation Thing” As Lawsuits Against Libor Banks Avalanche (zerohedge.com)
- Libor investigaton: traders fired and suspended – report (telegraph.co.uk)
- Difference In Banks’ Reported LIBOR Diverging Again (ritholtz.com)
- Manipulation And Abuse Confirmed In $350 Trillion Market (zerohedge.com)
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