CCP Seminar: How should LIBOR rigging be dealt with?
January 9, 2013 Leave a comment
The CCP seminar series returns for its Spring semester outing on Friday 11th January with our very own Andreas Stephan (CCP and UEA Law School) presenting his research on ‘How should LIBOR rigging be dealt with?’. A copy of Andreas’ abstract can be found below.
This paper focuses on the LIBOR rigging scandal, in which banks are alleged to have under-reported and over-reported the interest rates at which they could borrow money. This manipulation and distortion of the LIBOR rate could potentially have had an effect on as many as £500 trillion worth of financial transactions, and has attracted significant fines, criminal investigations and private actions for damages. The main purpose of this paper is to ask how Libor Rigging should be dealt with. This includes an assessment of whether it is a competition law problem, whether the necessary legal prohibitions and sanctions currently exist, and whether the problem warrants a punitive, regulatory or mixed response.