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Revolution In Manipulation Law: The New Cftc Rules And The Urgent Need For Economic And Empirical Analyses, Rosa M. Abrantes-Metz, Gabriel V. Rauterberg, Andrew Verstein
Revolution In Manipulation Law: The New Cftc Rules And The Urgent Need For Economic And Empirical Analyses, Rosa M. Abrantes-Metz, Gabriel V. Rauterberg, Andrew Verstein
Articles
Three major banks have now admitted that their employees manipulated worldwide interest rates through the London Interbank Offered Rate (Libor), the most widely used interest rate index. Libor is the interest rate term for trillions of dollars of swaps and loans, and its manipulation may have been used to extract billions of dollars. These allegations come just as commodities manipulation law has been dramatically reformed and the Commodity Futures Trading Commission (CFTC) given vast new regulatory powers. This Article provides the first extended, scholarly analysis of the CFTC’s new anti-manipulation rules. We consider the difficulty the rules address: Commodities manipulation …
Index Theory: The Law, Promise And Failure Of Financial Indices, Gabriel V. Rauterberg, Andrew Verstein
Index Theory: The Law, Promise And Failure Of Financial Indices, Gabriel V. Rauterberg, Andrew Verstein
Articles
Financial indices, like the S&P 500 or the Consumer Price Index, have become a ubiquitous feature of our financial markets. One index, the London InterBank Offered Rate (“Libor”), may be the world’s most important number, an interest rate benchmark upon which hundreds of trillions of dollars depend. Yet, almost everyday new revelations emerge that Libor was tampered with during the height of the financial crisis by one or many of the world’s most prominent banks, with billions of dollars potentially misappropriated. This index disruption has attracted tremendous interest from regulators, private litigants, and market observers. Despite their importance, however, financial …