Discrepancies in global benchmark penalties

Gustaf Duhs, Head of Competition at Stevens & Bolton LLP, looks at rate rigging investigations and the matter of fines revealing potential discrepancies in global enforcement, in an article feature today in the International Financial Law Review.

Sterling Libor submitter: “It’s very cold here so it must be very cold where you are”
Sterling desk submitter: “It’s really cold but there is sunshine, so it’s quite nice”
Sterling Libor submitter: “It’s cold but there is a beautiful blue sky. Lovely. Perfect conditions mate”

This is surely the most mundane of the many exchanges between traders, managers and submitters published in the course of investigations into certain financial firms’ alleged rigging of the interbank offered rates (Ibor) and foreign exchange rates (forex). Indeed, it is in stark contrast to the rest of the exchanges, which are by turns frantic, desperate, triumphalist and macho. It is of course entirely appropriate for the sterling desk to have detailed discussions about the weather.

To read the article in full, please Click here.

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Gustaf Duhs

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