King & Wood Mallesons

Asia-Pacific 100 position: 2

An update on the snowballing LIBOR scandal

The ongoing ramifications of the LIBOR scandal for global banks suggests that resolution of the problems for banks caused by the scandal have a way to go and no clear regulatory solution to prevent similar problems in the future is at hand.

As is now well known, the LIBOR scandal arose out of the behaviour of some global banks in submitting false returns to the London Interbank Offered Rate panel over a period of years, including through the global financial crisis and even after a number of those banks had been bailed out using taxpayer money. Hindsight has shown LIBOR is susceptible to manipulation because it is not based on observable market rates used by banks but is based on the bids made to the panel…

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