ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • ZNAA'22
  • Trending News
    • Viral News
    • Travel
    • People
    • Entertainment
    • Sports
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Whopping 1 lakh jobs on the cards in aviation and aeronautical manufacturing sector by 2024, says Minister
  • Money Guru: 10 funds for financial independence, this 15th August - details
  • India's forex reserves jump 60x since 1990s, surge 335 times since Independence | Check this data
  • India@100: Anil Singhvi predicts Nifty will reach 1,75,000 in next 25 years - Here's why
Read in App
Business News » World News

Ex-Barclays trio 'cheated global financial system', Euribor trial told

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

Three former Barclays bankers cheated the global financial system to gain an unfair edge over counterparties in a five-year plot to rig Euribor interest rates, a London prosecutor alleged on Tuesday.

James Waddington, a lawyer for the UK Serious Fraud Office, said the defendants were part of an elite, well-paid group that fixed the odds in a zero-sum game as he opened the prosecution`s case in a criminal trial expected to last at least two months.

Colin Bermingham, a 62-year-old Briton, Carlo Palombo, a 39-year-old Anglo-Italian, and 41-year-old Sisse Bohart, a Dane, deny wrongdoing.

In London`s sixth rate-rigging trial, the three defendants are accused of conspiracy to defraud by dishonestly manipulating Euribor (the euro interbank offered rate), a Brussels-based benchmark that helps determine rates on more than $150 trillion of global financial contracts and loans, between 2005 and 2009.

Waddington said that two other bankers, former Barclays trader Philippe Moryoussef and Christian Bittar, a one-time Deutsche Bank trader, already stood convicted.

"The issue is whether one or more of these defendants ... was also a party to that conspiracy," he told the 12-person jury at London`s Southwark Crown Court.

Euribor, like its Libor (London interbank offered rate) counterpart, is designed to reflect the cost of borrowing between banks and is set after submitters at a panel of major banks report their estimated costs of borrowing over differing periods to an administrator, who calculates an average.

Waddington alleged that the three defendants tilted the odds in their favour for profit, tweaked rates to gain a dishonest trading advantage and thought they would not be caught out.

Some of the world`s most powerful financial institutions have paid around $9 billion to settle allegations that bankers submitted rates that flattered their own trading books.

Barclays was the first of 11 major banks and brokerages to be fined in 2012 following allegations of rate-rigging.

The British bank paid a $453 million penalty, sparking a backlash that forced out former chief executive Bob Diamond, an overhaul of rate-setting rules and the British criminal inquiry.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Wed, Jan 16, 2019
12:15 am
Reuters
RELATED NEWS
Profit of public sector banks rises 9% to Rs 15,306 crore in April-June Profit of public sector banks rises 9% to Rs 15,306 crore in April-June
India's forex reserves jump 60x since 1990s, surge 335 times since Independence | Check this data  India's forex reserves jump 60x since 1990s, surge 335 times since Independence | Check this data
Economic downturn impact? SoftBank posts massive $23.4 billion loss, 2nd straight quarter in red Economic downturn impact? SoftBank posts massive $23.4 billion loss, 2nd straight quarter in red
UP $1 trillion economy :  Yogi Adityanath government signs MoU with Deloitte India to achieve target UP $1 trillion economy : Yogi Adityanath government signs MoU with Deloitte India to achieve target
Need to boost manufacturing to create jobs, says Mahindra Group chairman Anand Mahindra Need to boost manufacturing to create jobs, says Mahindra Group chairman Anand Mahindra

LATEST NEWS

Meta-owned WhatsApp is rolling out this feature - PRIVACY!

Snapchat lets parents see who their kids are chatting with

What Infosys CEO Salil Parekh said on IT spends

Apple iPhone 14 launch in September - Check latest updates, release date, price, specifications and more

Shrikant Tyagi Noida News Update Today: ARRESTED! Here is latest on the Grand Omaxe woman abuse, assault matter

91% JUMP! Life insurers' new premium income rises to Rs 39,079 cr in July 2022

Realme 9i 5G launch on August 18 - Expected price in India, specifications and more

Indian cricket team Asia Cup 2022 squad: Virat Kohli, KL Rahul return - Full players' list

Apple iPhone 14 launch - Color options for all iPhone models leaked! Check release date, price and more

Watcho App: Watch in Hindi ‘Welcome 2 Life’ and ‘Kairos’; 34 K-Drama, new episodes daily

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV