2013年6月24日月曜日

SFO LIBOR不正操作関係者訴追へ

SFOは、LIBOR不正操作関係者を訴追するようだ。
 スイスの銀行UBSと米シティグループでデリバティブ(金融派生商品)
トレーダーだったトム・ヘイズ容疑者を、ロンドン銀行間取引金利(LIBOR)
不正操作について捜査していた英当局が訴追した。

SFO
・容疑者 Tom Hayes 男性 33才
 2006年 UBSに転職
 2009年 Citi groupに移籍。
     金利操作の疑いのため1年未満で解雇。
 2012年12月11日 英国で逮捕。
 2012年12月12日 米当局がUSB元同僚とともに訴追。
        米国で通信詐欺と反トラスト法違反容疑。
・詐欺共謀8件の容疑。

HKMA
・指標金利に関連した不正行為の可能性
 UBS、HSBC等を2012年12月以来調査。

MAS(シンガポール金融当局?)
・指標金利などの不正操作を図ったとされる銀行20行に対する処分を発表。
 ING,RBS,UBS,Bank of America,BNP Paribas,Barclays,Credit Agricole,
 Credit Suisse,Deutsche Bank,Standard Chartered Bank,
 Australia and New Zealand Banking Group,Citibank,JP Morgan Chase
 Bank,Macquarie Bank,Bank of Tokyo-Mitsubishi UFJ,HSBC,Commerzbank,
  OCBC,DBS,UOB.
・最大96億ドルの準備金積立を命令。

MASが非難した銀行は、多くが再発を防止するとの発表をしたようだ。
銀行間取引金利の不正操作は多くの金融機関が参加しており、数人が始め
たものが拡大したのかは不明。
欧米で逮捕された容疑者らはエスケープゴートか。

Libor,Euribor Manipulation
LIBOR 構造的欠陥
FSBが保証したLIBOR詐欺疑惑銀行
LIBOR Barclays among 3 held
UBS fined $1.5 bln
RBS罰金570億円


---元UBSの東京トレーダー、ヘイズ氏を英当局が訴追---
更新日時: 2013/06/18 22:08 JST
http://www.bloomberg.co.jp/news/123-MOLBAX6S972901.html

 6月18日(ブルームバーグ):スイスの銀行UBS と米シティグループでデリバティブ(金融派生商品)トレーダーだったトム・ヘイズ容疑者を、ロンドン銀行間取引金利(LIBOR)不正操作について捜査していた英当局が訴追した。
 英重大不正捜査局(SFO)が18日発表したところによると、同容疑者(33)は8件の詐欺共謀の罪に問われた。SFOのジョーンズ報道官によれば、同容疑者はロンドンの裁判所に20日出廷する。
 東京で勤務していた英国民のヘイズ容疑者は昨年12月11日、英国で逮捕された。米当局は翌12日に同容疑者をUBSでの元同僚とともに訴追。同月19日に訴状の内容を公表した。同日にUBSは米英スイス当局から15億ドル相当の制裁金処分を受けた。
 ヘイズ容疑者は米国では通信詐欺と反トラスト法違反の罪に問われた。同容疑者は2006年にUBSに加わり09年にシティに移籍。金利操作の疑いのため1年未満でシティを解雇されたと事情に詳しい関係者が昨年10月に述べている。ヘイズ容疑者の弁護士、リンディア・ジョンソン氏に取材を試みたが応答は得られていない。
 過去1年には指標金利操作問題でUBSとバークレイズ 、ロイヤル・バンク・オブ・スコットランド・グループ(RBS )が約25億ドルの制裁金を科されているが、少なくとも12銀行が引き続き捜査対象となっている。
 香港金融管理局(HKMA、中央銀行に相当)は18日、同地域の指標金利に関連した不正行為の可能性について、スイスのUBSに加えHSBCホールディングスなどを昨年12月以来調査していると明らかにした。シンガポール通貨庁(MAS、中央銀行に相当)は、指標金利などの不正操作を図ったとされる銀行20行に対する処分を14日に発表している。


---LIBOR不正は氷山の一角 指標操作調査、世界の市場に拡大---
2013.6.18 05:00
http://www.sankeibiz.jp/macro/news/130618/mcb1306180504012-n1.htm

 ロンドン銀行間取引金利(LIBOR)の不正操作をめぐる調査は氷山の一角となりつつある。デリバティブ(金融派生商品)や為替レートなどに対する調査では、世界の市場で指標を操作するチャンスがあれば、大抵の場合はやってみようと試みる人がいることが示されている。
 シンガポール金融当局は先週、シンガポール銀行間取引金利(SIBOR)の操作を図ったとして銀行20行を処分したほか、最大96億ドル(約9100億円)の準備金を積むよう命じた。また、複数のトレーダーが10年以上も外国為替レートの指標を操作していたとブルームバーグ・ニュースがディーラー5人の証言を基に報じたことを受け、英市場監督当局が為替市場の調査を進めている。
 調査対象となっている指標は一般の人にはほとんど知られていないが、その影響は巨額の証券やデリバティブに及ぶ。バークレイズやUBS、ロイヤル・バンク・オブ・スコットランド・グループ(RBS)は、300兆ドル相当の証券の指標として利用されているLIBORを操作したとして、この1年で25億ドルの制裁金を科された。監督当局は370兆ドル規模の金利スワップ市場で用いられる指標であるISDAFIXや、石油製品価格の設定をめぐっても調査を行っている。
 ボストン大学のマーク・ウィリアムズ教授(金融学)は「多くのバンカーは金融危機前と同じように振る舞い続けている」と指摘。「銀行とその監督当局は大きな変革を実施する前にリスクテークを抑制する必要がある。これは世界的な問題であり、一部の大手銀行に限られた問題ではない」と述べた。(ブルームバーグ Matthew Leising)


---Former UBS and Citigroup trader charged over Libor-rigging scandal---
Jill Treanor and Simon Bowers   
guardian.co.uk, Tuesday 18 June 2013 12.47 BST   
http://www.guardian.co.uk/business/2013/jun/18/former-ubs-citigroup-trader-charged-libor

Tom Hayes charged with eight counts of conspiracy to defraud after investigation into manipulation of benchmark interest rates

Tom Hayes, a 33-year-old former UBS and Citigroup trader, has been charged with eight counts of conspiracy to defraud for his alleged role in manipulating the price of benchmark interest rates at the heart of the banking industry.

Hayes was one of three individuals arrested in December as part of an investigation by the Serious Fraud Office which has been pursuing a criminal investigation into so-called Libor-fixing for almost a year.

All three were questioned, and residential addresses searched, before they were released on police bail. Hayes on Tuesday morning became the first to be charged by the SFO during a scheduled meeting at Bishopsgate police station. In a short press release prosecutors did not give further details of the alleged offences or even when they were said to have taken place.

Hayes must now appear before Westminster magistrates court for a hearing at 10am on Thursday, where limited further details of the charges are expected to be read out. Given the seriousness of the alleged offences the case is likely then to be swiftly referred up to a crown court for pre-trial hearings.

Hayes' lawyers declined to comment.

News that Hayes was to be charged on Tuesday morning leaked to the Wall Street Journal on Monday night. The Journal noted he had not commented on the allegations but had sent a text in January saying "this goes much much higher than me".

Hayes has already been charged in December by the US authorities with conspiracy, wire fraud and an anti-trust violation. It has been reported that he has denied any wrongdoing.

After a L290m fine on Barclays a year ago exposed the Libor-rigging scandal, the government created the parliamentary commission on banking standards to make recommendations on cleaning up the City.

The commission, chaired by Conservative MP Andrew Tyrie, is due to report on Wednesday and is expected to call for individual bankers to take more responsibility for their actions and call for bonuses to be deferred for 10 years to reduce risks being taken.

The commission has taken a wide-range of evidence and chancellor George Osborne is expected to use his Mansion House speech later on Wednesday to set out reforms to the banking industry and possibly kickstart a sell-off of the stakes in state-owned banks.

After Barclays was fined, Swiss bank UBS and bailed-out bank Royal Bank of Scotland were both subjected to disciplinary action by regulators in the US and UK. The UK market regulator, the Financial Conduct Authority, has said that it has four other cases of Libor rigging under investigation.

The SFO has been looking into possible criminal offences since July last year. It has received additional funding for its Libor investigation of L1.5m each year for three years.


---Singapore punishes 20 banks in rate probe---
Last updated: June 14, 2013 6:23 pm
By Brooke Masters, Chief Regulation Correspondent
http://www.ft.com/intl/cms/s/0/fed38a0a-d4d5-11e2-b4d7-00144feab7de.html#axzz2WcU2fIUU

The sprawling global rate-rigging probe expanded dramatically on Friday as authorities in Singapore disciplined 20 banks and revealed that 133 traders tried to manipulate three interest rate and foreign exchange benchmarks.

While the US, UK and Japan have already cracked down on four banks for attempted rigging of the London and Tokyo interbank borrowing rates, the action by the Monetary Authority of Singapore ropes in 16 new institutions. It also alleges that the misbehaviour extended to indices used in the trading of foreign exchange derivatives.

The MAS singled out Royal Bank of Scotland, UBS and ING for the toughest punishment, but said that employees at all 20 banks improperly sought to influence key benchmarks to make money on derivatives.

Singapore, which lacks legal powers to fine institutions involved in alleged rate-rigging, ordered them to leave more money on deposit - at zero interest - with Singapore’s central bank for one year. RBS, UBS and ING were all ordered to increase their reserves by more than S$1bn ($799m), while Bank of America, BNP Paribas and Oversea-Chinese Banking Corporationwill have to increase reserves by S$700m-S$800m.

The MAS probe of the Singapore interbank lending rate, or Sibor, was sparked by last July’s revelation that Barclays paid US and UK fines for seeking to manipulate Libor, the much larger benchmark used for contracts worth $300tn worldwide. Singapore’s investigation widened in September to include non-deliverable forwards, which are traded by foreign exchange traders, and the swap offered rate (SOR) used for commercial lending.

“While there is no conclusive finding that Sibor, SOR and FX benchmarks were successfully manipulated, the traders’ conduct reflected a lack of professional ethics,” the MAS said in a statement.

All of the rates involved are calculated using estimates provided by banks. Such survey-based rates have been criticised by US regulators, who say they are too vulnerable to manipulation.

Three-quarters of the traders involved have left their banks while the rest have been or will be disciplined, the MAS said. It added that there was no evidence that the manipulation attempts were criminal offences.

The MAS also proposed a new regulatory framework for the three benchmarks, including formal regulation of rate setting with specific civil and criminal sanctions for rate-rigging attempts. “Ensuring the integrity of the processes for setting financial benchmarks is vital,” Teo Swee Lian, MAS deputy managing director, said in a statement. “MAS has taken firm supervisory actions against the banks, based on a careful assessment of their respective deficiencies.”

Singapore’s banking industry also announced a significant revamp of 11 rates. Six will no longer be calculated and four will shift to being based on market transactions. Only Sibor, the reference rate for most Singapore mortgages, will continue to be calculated by surveys.

ING said in a statement: “ING finds the inappropriate behaviour and lack of professional ethics found in the review unacceptable ... [and] has taken disciplinary actions against the small number of individuals involved. Furthermore ING has taken and will take a number of actions to enhance our procedures for submitting rates.”

In separate statements, RBS and UBS said they were co-operating with the MAS and would comply with any measures related to the review.

All of the institutions sanctioned by the MAS were found to have “deficiencies in the governance, risk management, internal controls and surveillance systems” for their involvement in setting the benchmarks.

“The large number of banks involved suggests that there might be several more fines yet arising out of Libor manipulation, so the bad news for banks will keep on coming,” said Owen Watkins, a barrister with Lewis Silkin.

The other institutions sanctioned by the MAS include Barclays, Credit Agricole, Credit Suisse, DBS, Deutsche Bank, Standard Chartered, United Overseas Bank, Australia and New Zealand Banking Group, Citibank, JPMorgan Chase Bank, Macquarie, Bank of Tokyo-Mitsubishi UFJ, HSBC and Commerzbank.

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