Yamato
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Big news of yesterday:
http://harveyorgan.blogspot.it/2014/01/jan-172014deutsche-bank-exits-london.html
http://www.bloomberg.com/news/2014-...ing-worse-than-libor-bafin-s-koenig-says.html
I couldn't find anything specific on this news on their website... Wait, maybe I found a speech Elke Koenig gave on the 16th, but it's only in German:
http://www.bafin.de/SharedDocs/Reden/DE/re_140116_neujahrspresseempfang_p.html
For half of the speech, she talks about interest rates.
Then she mentions manipulation (I am using google translate):
http://harveyorgan.blogspot.it/2014/01/jan-172014deutsche-bank-exits-london.html
Yesterday we brought you the big story where the President of the huge German Regulator BaFin stated that they were investigating Deutsche bank in gold manipulation. She emphasized that the manipulation in gold was worse than the bank's manipulation in Libor. Today Deutsche bank removed themselves from the London fix and no doubt others may leave as well.
http://www.bloomberg.com/news/2014-...ing-worse-than-libor-bafin-s-koenig-says.html
Germany’s top financial regulator said possible manipulation of currency rates and prices for precious metals is worse than the Libor-rigging scandal, which has already led to fines of about $6 billion.
The allegations about the currency and precious metals markets are “particularly serious because such reference values are based -- unlike Libor and Euribor -- typically on transactions in liquid markets and not on estimates of the banks,” Elke Koenig, the president of Bonn-based Bafin, said in a speech in Frankfurt yesterday.
Koenig is the first global finance regulator to comment publicly on the investigations as probes into the London interbank offered rate, or Libor, expand into other benchmarks.
I couldn't find anything specific on this news on their website... Wait, maybe I found a speech Elke Koenig gave on the 16th, but it's only in German:
http://www.bafin.de/SharedDocs/Reden/DE/re_140116_neujahrspresseempfang_p.html
For half of the speech, she talks about interest rates.
Then she mentions manipulation (I am using google translate):
Another issue holding us into the new year, the fidelity: the accusations of manipulation around important reference rates. Were initially LIBOR, Euribor & Co. in focus, also allegations were later loudly in the determination of reference values for currency and precious metals markets, it was not received with the right things. These allegations are particularly serious, because such reference values are based - unlike LIBOR and Euribor - typically on actual transactions in liquid markets and not on estimates of the banks.
That this topic in the public beats so high waves, is understandable: It is the financial economy is dependent on the confidence of the general public that it is powerful and it makes honest work. The central reference values seemed beyond doubt - and now the suspicion is in the air, they had been manipulated. Supervisors are busy, work up the past, which is far from trivial and will take some time to complete world. At the same time working at the global and European level on getting the issue of regulatory grip. For what regards transparency and control, there are still plenty of pent-up demand. But the first steps have already been taken and more are in preparation. In Brussels, is currently for example, a change of the Market Abuse Directive in preparation, after which the manipulation of benchmarks should be criminalized. In September last year, the European Commission has presented a proposal to regulate reference values. The same applies as for all other previous reform projects for this draft regulation: they go in the right direction, but not far enough.
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