Scandal-hit Libor flogged for $1.50; China's 10 financial reforms; India ban FX futures prop trading
Scandal-hit Libor sold for $1.50 to NYSE Euronext; China announces 10 key financial policy measures: India bans banks from prop trading on currency derivatives.
Libor Scandal
The owner of the NYSE Euronext has paid the princely sum of $1.50 to take over the running of the London interbank offered rate, the scandal-bloated benchmark interest rate at the epicenter of numerous manipulation offences, taking it off the hands of the British Bankers’ Association. Libor rates are benchmarks for trillions of dollars worth of credit-linked contracts. The transition will take palce in 2014
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