LIBOR set interest rates for trillions of dollars in loans for over 30 years. Banks manipulated the rate because it relied on estimates rather than real transactions. A new system called SOFR replaced ...
— -- A new scandal in the banking industry is undermining its image, already tarnished by rogue trading at JPMorganChase and the 2008 subprime mortgage collapse. At the heart of the scandal: ...
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Here’s how the Secured Overnight Financing Rate works and why it might matter for your mortgage
Remember Libor? For decades, the London interbank offered rate was the benchmark for pricing a wide variety of loans, ...
LONDON, Oct 15 (Reuters) - Standard Chartered (STAN.L), opens new tab won its bid in a London court on Tuesday to replace the financial benchmark it used to set dividend rates for some shares, which ...
MEMPHIS, Tenn., April 25, 2023 /PRNewswire/ -- First Horizon Corporation (FHN) (NYSE: FHN or "First Horizon") today announced that, after June 30, 2023, US dollar LIBOR will be replaced with CME Term ...
LONDON, March 25 (Reuters) - Tom Hayes, the first trader ever jailed for interest rate rigging, launched a bid to clear his name at Britain's top court on Tuesday, arguing it was not automatically ...
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