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SONIA and LIBOR: The end of an infamous benchmark
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04 May
2018

SONIA and LIBOR: The end of an infamous benchmark

  • 4th May 2018
  • Tom Bicknell

On 23rd April, the Bank of England took over the administration of the benchmark rate known as SONIA (Sterling Overnight Index Average), and issued a series of reforms to the well-established benchmark as part of its implementation as a replacement to LIBOR. As a consequence of the LIBOR scandal in 2012, a Bank of England..

03 Mar
2016
benchmark regulation, benchmarks regulation, benchmarking, esma discussion paper benchmarks, wheatley review, LIBOR, EURIBOR,

On your marks for the Benchmarks Regulation

On 15 February, ESMA released a discussion paper with the purpose of consulting stakeholder opinions on the technical implementation of the incoming Benchmarks Regulation.  This regulatory process was initiated on 18 September 2013 at an EU level when the Commission published a legislative proposal for a new regulation on benchmarks, which falls in line with..

04 Feb
2016

Market abuse update – acquittals, injunctions and more change

  • 4th February 2016
  • David Miller

Over the last six months, market monitoring and market abuse have had their fair share of coverage.  The industry witnessed the conviction of Tom Hayes, for LIBOR rigging, the introduction of permanent injunctions in cases of market abuse, acquittals of six defendants accused of conspiring to rig the LIBOR and now preparation for the new..

04 Aug
2015

Fines and prosecutions: getting more personal?

JWG analysis. It’s only Tuesday and already this week we’ve had some big headlines in the financial services world.  On the other side of the Atlantic, Banamex USA was fined by federal and state banking regulators for failure to implement adequate safeguards against money laundering transactions.  Perhaps even more significant news is the recent conviction..