A review of rate rigging investigations and
fines reveals potential discrepancies in global
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. The exchange does, however, emphasise an interesting
element of the alleged misconduct; the international...