Capital Markets, Financial

BGC Partners eyes new platform to trade US Treasuries

BGC Partners plans to launch a new platform to trade US Treasuries early next year, in a bid to return to a market in the middle of evolution, according to people familiar with the plans.  The company, spun out of Howard Lutnick’s Cantor Fitzgerald in 2004, sold eSpeed, the second-largest interdealer platform for trading Treasuries, […]

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Sales in Rocket Internet’s portfolio companies rise 30%

Revenues at Rocket Internet rose strongly at its portfolio companies in the first nine months of the year as the German tech group said it was making strides on the “path towards profitability”. Sales at its main companies increased 30.6 per cent to €1.58bn while losses narrowed. Rocket said the adjusted margin for earnings before […]

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Renminbi strengthens further despite gains by dollar

The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger. The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last […]

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Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Categorized | Banks

UK orders review of interbank rates

Posted on June 30, 2012

The British government has ordered an independent review into the workings of interbank lending rates, a spokeswoman for David Cameron, the prime minister said on Saturday.

The decision, reported by Reuters, follows news earlier this week that US and British authorities fined Barclays $450m for manipulating the London Interbank Offer Rate (Libor), the rate at which banks lend to each other overnight.

    The Treasury Select Committee has called the Barclays chief executive, Bob Diamond, to appear before it on Wednesday. Non-executives, including Chairman Marcus Agius, will be questioned on Thursday.

    Andrew Tyrie, chairman of the committee, said the reputation of Britain’s financial services industry had been severely tarnished by the “scam”.

    “Restoring the reputational damage must begin immediately,” he said, “Parliament and the public need to know what went wrong and whether the perpetrators have been rooted out. We also need to be given confidence that this has been put right.”

    Barclays’ compliance department failed to act on three separate internal warnings between 2007 and 2008 about conflicts of interest and “patently false” submissions by its staff to the panel that sets the benchmark interest rate used to price mortgages and credit card loans worldwide.

    Some £3.6bn has been wiped off Barclays market value since the fine was announced on Wednesday as part of a probe that involves 20 banks across three continents.

    More banks are expected to be drawn into the scandal as the investigation continues and the affair has fuelled public outrage at the culture and practices of the banking industry.

    Taxpayer-backed Royal Bank of Scotland confirmed it was being investigated for manipulating Libor, PA reported.

    Ed Miliband, the Labour leader, has called for a full-scale public inquiry into banking culture and practices after the City was rocked by two major scandals in the space of a week.

    The Labour leader said the industry was plagued by an “institutional corruption’’ that could only be eradicated by introducing a tough new code of conduct and jail sentences for immoral bankers who abuse the system.

    Mr Miliband pushed for a 12-month probe to “find out what is going on in the dark corners of the banks’’ after the FSA uncovered “serious failings’’ in the sale of complex financial products to small businesses, just days after the rate-rigging affair emerged at Barclays.

    In an interview with The Times, Mr Miliband said: “There hasn’t been a proper reckoning for what happened in the banking crisis. The bankers told us – it’s all fine, we’ve cleaned everything up. But I’m afraid that doesn’t hold water any more.’’