Monday, May 27, 2024
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Politicians Argue That the Appeal of Interest rate Rigging Must go to the Highest Court

Tom Hayes and Carlo Palombo were among the 37 City traders charged with manipulating the Libor and Euribor rate Argue benchmarks.

They were released from prison in 2021, and this Thursday the Court of Appeal rejected an attempt to overturn their convictions.

Both Labour’s John McDonnell and Conservative Sir David Davis have stated that they think the decision was unfair.

Additionally, Lord Mackay of Clashfern, the former Lord Chancellor, expressed to the BBC his “deep concern” over the men’s convictions’ grounds.

The former traders were convicted of manipulating benchmark interest rates, Libor and Euribor, which reflect the cost for banks to borrow money from one another.

The Libor benchmark was calculated using a daily average of the estimates provided by 16 banks regarding the cost of borrowing substantial amounts of money from other banks; an identical procedure was followed to calculate the Euribor.

When presenting those rates, the cash desks would consider the interest rates offered by other banks in the market, which varied by a hundredth or two of a percentage point, and choose a rate from that range to send.

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Politicians Argue That the Appeal of Interest rate Rigging Must go to the Highest Court.


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Monday, May 27, 2024

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