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ARTICLE · 25 SEPTEMBER 2012

Rate Setting and Regulation. In Everyone’s Interests?

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FSA’s Final Notice imposing a financial penalty of £59.5 million on Barclays for LIBOR and EURIBOR manipulation has led to intense public scrutiny.

United KingdomFinance and Banking
Rosali Pretorius
Rosali Pretorius
Katharine Harle
Katharine Harle
Madeleine De Remusat
Madeleine De Remusat
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FSA's Final Notice imposing a financial penalty of £59.5 million on Barclays for LIBOR and EURIBOR manipulation has led to intense public scrutiny. FSA's accompanying announcement makes it clear the Final Notice was the product of a cross-border investigation with US authorities including the Commodity Futures Trading Commission (CFTC). A separate announcement confirmed the CFTC brought attempted manipulation and false reporting charges which Barclays admitted and settled for an agreed penalty of $160m. In this article, Rosali Pretorius, Madeleine de Remusat and Katharine Harle of SNR Denton look at the FSA's Final Notice, interest-rate setting and the potential consequences.

FSA Final Notice

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