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The Libor scandal was a series of fraudulent actions connected to the Libor (London Interbank Offered Rate) and also the resulting investigation and reaction. The Libor is an average interest rate calculated through submissions of interest rates by major banks in London. The scandal arose when it was discovered that banks were falsely inflating or deflating their rates so as to profit from trades, or to give the impression that they were more creditworthy than they were. Libor underpins approximately $350 trillion in derivatives. It is currently administered by NYSE Euronext, which took over running the Libor in January 2014.〔(Calculating Interest ). British Bankers' Association. Retrieved 17 July 2012.〕 The banks are supposed to submit the actual interest rates they are paying, or would expect to pay, for borrowing from other banks. The Libor is supposed to be the total assessment of the health of the financial system because if the banks being polled feel confident about the state of things, they report a low number and if the member banks feel a low degree of confidence in the financial system, they report a higher interest rate number. In June 2012, multiple criminal settlements by Barclays Bank revealed significant fraud and collusion by member banks connected to the rate submissions, leading to the scandal.〔〔〔 Because Libor is used in US derivatives markets, an attempt to manipulate Libor is an attempt to manipulate US derivatives markets, and thus a violation of American law. Since mortgages, student loans, financial derivatives, and other financial products often rely on Libor as a reference rate, the manipulation of submissions used to calculate those rates can have significant negative effects on consumers and financial markets worldwide. On 27 July 2012, the ''Financial Times'' published an article by a former trader which stated that Libor manipulation had been common since at least 1991.〔Keenan, Douglas (27 July 2012), "(My thwarted attempt to tell of Libor shenanigans )". ''Financial Times''. (An (extended version ) of this article is on the author's web site.)〕 Further reports on this have since come from the BBC〔BBC News (10 August 2012), "(Libor scandal: Review finds system 'no longer viable' )".〕〔BBC News Online (10 August 2012), "(Libor review: Wheatley says system must change )".〕 and Reuters.〔Reuters (7 August 2012), "(Libor collusion was rife, culture went right to the top )".〕 On 28 November 2012, the Finance Committee of the Bundestag held a hearing to learn more about the issue.〔("Britischer Finanzexperte berichtet von langjährigen Zinssatz-Manipulationen" ) – in German. An English summary is on the trader's web site.()〕 The British Bankers' Association said on 25 September 2012 that it would transfer oversight of Libor to UK regulators, as predicted by bank analysts, proposed by Financial Services Authority managing director Martin Wheatley's independent review recommendations.〔 Wheatley's review recommended that banks submitting rates to Libor must base them on actual inter-bank deposit market transactions and keep records of those transactions, that individual banks' LIBOR submissions be published after three months, and recommended criminal sanctions specifically for manipulation of benchmark interest rates.〔 Financial institution customers may experience higher and more volatile borrowing and hedging costs after implementation of the recommended reforms.〔 The UK government agreed to accept all of the Wheatley Review's recommendations and press for legislation implementing them.〔Ainsley Thomson (17 October 2012) ("UK Treasury Minister: Government Accepts Recommendations Of Wheatley Libor Review In Full" ) ''Dow Jones Newswires/Fox Business''〕 Significant reforms, in line with the Wheatley Review, came into effect in 2013 and a new administrator will take over in early 2014.〔(【引用サイトリンク】title=BBA Libor Benchmark Administrator's News )〕 The UK controls Libor through laws made in the UK Parliament. In particular, the Financial Services Act 2012 brings Libor under UK regulatory oversight and creates a criminal offence for knowingly or deliberately making false or misleading statements relating to benchmark-setting.〔 , UBS trader Thomas Alexander William Hayes was the only person convicted in connection with the Libor scandal. == Early reports of Libor manipulation == 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Libor scandal」の詳細全文を読む スポンサード リンク
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