The revelation that at least one major bank had manipulated key Libor rates proves internal governance and risk management within financial institutions has been poor – and these kinds of failings could pose systemic risks, a senior official at the International Monetary Fund (IMF) has said.
Speaking at the FX Week USA conference in New York this week, José Viñals, financial counsellor and director in the monetary and capital markets department at the IMF, identified weak internal governance
- Regulators to scrutinise CCP default auctions
- People moves: Bank of America names new Apac chiefs, Wilkinson leaves LGIM, Lloyds loses Coutte, and more
- VAR surges, revenues tank at French banks hurt by volatility
- A rush on Libor fallbacks to head off holdouts
- Swaps data: SOFR volume and margin insights