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Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Plans & Membership

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Expert led content

+1,000 expert presented, on-demand video modules

Learning analytics

Keep track of learning progress with our comprehensive data

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Engage with our video hotspots and knowledge check-ins

Testing & certification

Gain CPD / CPE credits and professional certification

Managed learning

Build, scale and manage your organisation’s learning

Integrations

Connect Finance Unlocked to your current platform

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More featured content

Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

More featured content

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LIBOR Market Manipulation

LIBOR Market Manipulation

Peter Eisenhardt

30 years: Capital markets & investment banking

Peter explains how some traders submitting LIBOR rates were colluding to manipulate rates to suit their positions and generate huge profits.

Peter explains how some traders submitting LIBOR rates were colluding to manipulate rates to suit their positions and generate huge profits.

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LIBOR Market Manipulation

2 mins 34 secs

Key learning objectives:

  • Outline the initial reforms in the UK and Europe

  • Learn why banks manipulated LIBOR

Overview:

Scrutiny of LIBOR revealed that submitters at the major banks colluded to manipulate rates to suit their positions to generate huge profits. This lead to regulatory reforms in the form of the Wheatley Review reforms (in the UK) and the Euribor reforms (in Europe).

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Summary
Why did banks manipulate LIBOR?
Heavy scrutiny of LIBOR revealed that submitters at the major banks colluded to manipulate rates to suit their positions to generate huge profits. On days when banks had large amounts of floating-rate loans re-fixing, traders would try to get others to submit high quotes to drive up LIBOR and raise loan rates. If large swap positions where banks were paying a floating rate were rolling over, traders tried to manipulate LIBOR lower. The scale of collusion was serious enough that even discarding high/low rates could not ensure a fair setting. Regulators were quick to reform LIBOR.
What initial reforms were introduced in the UK and Europe?
Wheatley Review reforms (UK):
  1. Benchmark manipulation became a criminal offence
  2. A new administrator – the InterContinental Exchange was appointed
  3. LIBOR settings were cut back to just five currencies, in seven tenors down from 10 currencies in 15 tenors, eliminating meaningless LIBOR settings in highly illiquid markets
Euribor reforms:
  1. A new Code of Obligations for panel banks
  2. A new administrator
  3. Clearer definitions
  4. Fewer tenors

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Peter Eisenhardt

Peter Eisenhardt

Peter has over 30 years experience working in banking. He has held several senior positions in international investment banks. Peter is now the Secretary General of the International Council of Securities Associations

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