The Bank of England’s deputy governor for markets and banking has said pace of transition from Libor to Sonia must be accelerated.
Industry body has produced a roadmap aimed at guiding asset managers through the transition from Libor to Sonia.
Concerns have been raised as survey finds 83% of firms are yet to begin renegotiating Libor-based contracts, as the benchmark’s withdrawal takes effect in 2021.
Matthew Connelly and Gavin Campbell Black have been convicted by the US Department of Justice for Libor manipulation.
Goldman Sachs is among seven major derivatives dealers to use MarkitSERV services to process SOFR transactions.
Major investment banks clear the first US interest rate swaps using US Libor alternative benchmark SOFR.
Citibank allegedly made millions in “unjust gains” from governmental and not-for-profit counterparties by manipulating the USD Libor benchmark.
Société Générale was found to have manipulated and made false reports in connection with Libor and Euribor over a six year period.
CurveGlobal launched three-month Sterling Overnight Index Average (SONIA) futures earlier this year.
Former Deutsche Bank trader Guillaume Adolph fined £180,000 and banned from industry by the FCA.