ADVFN - Advanced Financial Network.
HOME» NYSE » B » BCS Stock Price » BCS Stock News

Barclays Share News

 Barclays Stock Price
BCS Stock Price
 Barclays Stock Chart
BCS Stock Chart
 Barclays Stock News
BCS Stock News
 Barclays Company Information
BCS Company Information
 Barclays Stock Trades
BCS Stock Trades

UK Treasury Sets Out Terms For Libor Review

LONDON--The U.K. Treasury said Monday its review of the Libor rate, manipulated by Barclays Plc (BARC.LN) and a benchmark for trillions of dollars worth or derivatives trade, will be completed by October. Libor, the London Interbank rate, is the cost of borrowing between banks. Barclays were forced to pay roughly $450 million to U.K. and United States regulators after its staff attempted to alter Libor to turn a profit and mask the bank's true borrowing costs. Its former chief executive Robert Diamond resigned in the wake of the scandal. "Urgent reform of the Libor compilation process is required," said the Financial Services Authority's managing director Martin Wheatley. The review will look at how Libor is constructed, including the feasibility of using actual trade data to set the benchmark, the governance structure for Libor and the potential for alternative rate-setting processes. Currently Libor is calculated by banks reporting borrowing costs to the British Bankers' Association daily. Libor is used to settle derivatives, bets by investors on what the rate will be, and also feeds into mortgages. Mr. Wheatley's review will also consider whether similar measures are required for other price-setting mechanisms in the financial markets. It will review the scope of the U.K. civil and criminal sanctioning powers in respect to market abuse and the abuse relating to the setting of Libor. The FSA cannot impose criminal sanction for the manipulation of Libor. The Treasury said a discussion paper on the Libor review will be published on Aug. 10, allowing interested parties four weeks to submit written responses. The review will run alongside the parliamentary inquiry into the Libor scandal, which is being led by Treasury Select Committee Chairman Andrew Tyrie and is due to report back at the end of the year. Write to Ainsley Thomson at ainsley.thomson@dowjones.com (Jessica Hodgson and Max Colchester in London contributed to this report) Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Barclays (BCS)
DateTimeHeadline
07/27/201516:21:52Merrill Grabs Another Barclays Wealth Team -- Street Moves
07/27/201510:29:36Barclays plc 2Q 2015 - Forecast
07/27/201508:30:49Barclays Financial Advisers Split, Forming $3 Billion Indy Firm...
07/23/201522:50:20China Shares Hold On to Gains; Asian Shares Lower
07/23/201513:10:04Concerns on Vedanta Cairn India Valuation Cast Doubt on Deal
07/23/201508:30:00Barclays and Elkhorn Capital Group, LLC, Announce Strategic Partnership
07/21/201518:40:12ADRs End Mixed; Infosys Rises
07/21/201513:30:42U.K., Barclays Discuss Deal Over Qatar Probe -- Update
07/21/201510:20:09U.K. Offers Barclays Deal Over Qatar Probe
07/21/201510:16:03U.K. Serious Fraud Office Offers Barclays Deal to End Qatar Funding...
07/16/201518:01:37ADRs End Higher; National Bank of Greece Declines
07/16/201514:09:17Swedish Banks Strain to Cope With Negative Interest Rate Environment
07/16/201510:53:42Report of Foreign Issuer (6-k)
07/16/201506:15:09Barclays: Michael Rake to Serve on Boards Until New CEO Is in...
07/16/201505:30:48Barclays PLC Statement re Sir Michael Rake
07/16/201500:30:48Wall Street Is Betting on Bush and Clinton--3rd update
07/15/201523:47:49Wall Street Is Betting on Bush and Clinton--update
07/15/201518:40:16ADRs End Lower; ASML Rises
07/15/201510:06:32Barclays Deputy Chairman Michael Rake Set to Leave Bank to Join...
07/15/201507:00:07Michael Rake Set to Leave Barclays

Barclays and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad