UK Authorities Continue to Make Progress in LIBOR Prosecution Effort

Dealbook reports that 3 Former ICAP Brokers Appear in British Court in Libor Manipulation Case.  Efforts in the UK seem to advance faster than those in the US.  Can't wait to see what evidence will be revealed once the cases proceed.

ICAP to lose role of ISDAfix Benchmark Administrator

Bloomberg reports that ISDA is "seeking offers from companies wanting to become the benchmark administrator for ISDAfix, a measure used in the $426 trillion swaps market."  I can imagine what the job qualifications should probably say: applicant must not have any positions in the swaps market; must not have employees who are friendly with banks' swaps traders; must be immune to all types of material and spiritual temptations. NOTE: we don't know if there have been any past wrongdoings and we're not saying that there has been. But, just changing the administrator is insufficient to prevent potential future wrongdoing. ISDA needs to make sure the administrator is a party that has no trading interests that could be impacted by the ISDAfix.  

Media reporting UK Broker ICAP to lose role in ISDAfix swaps benchmark

A number of media outlets are reporting that UK Broker ICAP will lose role in the ISDAfix swaps benchmark.  Possible outcomes of the reported investigations into Libor and ISDAfix could include greater oversight of interbank dealers like ICAP. Expect more to come.