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’From the Libor file
FT Alphaville loves documents sent in anonymous brown paper envelopes.
Here’s one we received Tuesday:
The envelope’s contents?
A 2008 paper by a group of academics (plus a Moody’s credit officer) that’s become suddenly re-relevant (new word) given the investigation into suspected Libor manipulation by a number of banks announced last week.
Libor fixings! UBS subpoenaed for interbank rate
Libor — the interbank rate set by, erm, the banks and curated by the British Bankers’ Association (BBA) — has not been without its critics in recent years.
And the creation of the rate has been also not been without scrutiny.
Just what is the BBA smoking?
Further adventures in Twitter transparency from the British Bankers Association:
Ingenious social media masochism strategy, or just plain odd? Er, pass.
Transparency in banking
Any PR is good PR, eh? From the British Bankers Association’s Twitter feed:
The BBA (chair: Angela Knight) is holding its annual conference on Tuesday. Tim Weber is the BBC’s online business editor.
Double digit house price inflation is back
Rejoice UK homeowners.
From the latest Nationwide House Price Index, published on Thursday morning:
That’s the first double digit rise in UK house prices since June 2007.
But don’t expect it to last because from here on the comparatives get tougher.
UK banks face tougher reporting rules
UK banks could be forced to disclose the value of their holdings in officially prescribed detail if they do not meet the spirit of a new reporting code. The code, published by the British Banker’s Association on Monday,
UK regulator beats up on the banks (or not)
One measure of the FSA’s lack of confidence in its own future is the language now being employed in its press releases.
Monday’s missive — FSA announces tough new code for financial reporting disclosure — was full of fury and threats and calls to action.
Do you want to set Libor?
The deadline for snaring a place on the BBA’s daily LIBOR-setting panel is approaching.
To enter you must be able to prove that:
a) you are a bank
b) you are already active in the interbank market
c) you haven’t confused yourself (and are,
UK banks warn on FSA rule changes
The trade body for banks will tell the UK’s Financial Services Authority on Monday that proposed changes to capital and liquidity requirements do not “strike the right balance”. The British Bankers’ Association calls in a letter to FSA chief Hector Sants for an urgent assessment of costs of complying with the new rules.
Twitbore
To our shame, several of us here at FT Alphaville are quite keen on Twitter. Now at least, we have a credible reason to be:
BA LIBOR: the world’s most important number now tweets daily
That’s right,
Libor revisited
It’s been a while since anyone really paid much attention to Libor.
Back in September, when Lehman failed, the daily Libor numbers from the BBA were anticipated with a rather grim hawkishness. Now though,
UK saving again
On first view the latest mortgage data from the British Bankers’ Association on Monday appears to confirm the miserable state of the UK economy. The headline numbers point to a 52 per cent fall in mortgage approavls in 2008,
Snap news
The latest on Friday,
- Consortium of private equity firms and a Chinese firm are expected to bid for Rio Tinto minerals units within weeks – Reuters report.
- Banking IT services firm Misys expects revenue to exceed high teens growth – statement.
Three key reasons why a base rate cut might not be passed on
Oh, they are certainly getting a handle on this public relations malarkey round at the British Bankers Association.
Thursday’s UK rate cut has been followed up promptly with a new “factsheet” from the BBA,
Money market crash: dollar Libor doubles
From the BBA:
OVERNIGHT DOLLAR LIBOR FIXED AT 6.43750 PCT VS 3.106
OVERNIGHT EURO LIBOR FIXED AT 4.41750 PCT VS 4.49375
OVERNIGHT STERLING LIBOR FIXED AT 6.79375 PCT VS 5.4
THREE-MONTH DOLLAR
It wos the Journal wot didn’t win it: BBA does nothing to Libor
The BBA has put out its first statement on the review of Libor, helpfully emailed around at 5.59pm on Friday evening. The phrase, “there has been no change” occurs ten times.
Little succour then for the WSJ’s odd anti-Libor campaign.
Waiting for the BBA verdict
We know you’re all on tenterhooks. But it sounds like the BBA statement/report/musings on Libor is unlikely to be available until the latter part of the afternoon, after the committee has met. We’re told that the meeting kicks off at 1.30pm.
Icap stirs Libor debate
The British Bankers’ Association on Thursday brushed off suggestions that a measure of US bank rates being set up by Icap, the interdealer broker, could displace the London interbank rate as a global benchmark for borrowing costs.
BBA moves softly, softly on Libor
The British Bankers’ Association has opened the door to what it calls “evolutionary changes” in how it calculates Libor – the London interbank offered rate – convening a panel to consider possible changes amid criticism about the accuracy of the global benchmark for borrowing costs.