[PDF] Financial Market Misconduct And Public Enforcement The Case Of Libor Manipulation eBook

Author : Carol Alexander
Publisher : John Wiley & Sons
Page : 624 pages
File Size : 11,29 MB
Release : 2022-12-13
Category : Business & Economics
ISBN : 1394178158

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Identifying malpractice and misconduct should be top priority for financial risk managers today Corruption and Fraud in Financial Markets identifies potential issues surrounding all types of fraud, misconduct, price/volume manipulation and other forms of malpractice. Chapters cover detection, prevention and regulation of corruption and fraud within different financial markets. Written by experts at the forefront of finance and risk management, this book details the many practices that bring potentially devastating consequences, including insider trading, bribery, false disclosure, frontrunning, options backdating, and improper execution or broker-agency relationships. Informed but corrupt traders manipulate prices in dark pools run by investment banks, using anonymous deals to move prices in their own favour, extracting value from ordinary investors time and time again. Strategies such as wash, ladder and spoofing trades are rife, even on regulated exchanges – and in unregulated cryptocurrency exchanges one can even see these manipulative quotes happening real-time in the limit order book. More generally, financial market misconduct and fraud affects about 15 percent of publicly listed companies each year and the resulting fines can devastate an organisation's budget and initiate a tailspin from which it may never recover. This book gives you a deeper understanding of all these issues to help prevent you and your company from falling victim to unethical practices. Learn about the different types of corruption and fraud and where they may be hiding in your organisation Identify improper relationships and conflicts of interest before they become a problem Understand the regulations surrounding market misconduct, and how they affect your firm Prevent budget-breaking fines and other potentially catastrophic consequences Since the LIBOR scandal, many major banks have been fined billions of dollars for manipulation of prices, exchange rates and interest rates. Headline cases aside, misconduct and fraud is uncomfortably prevalent in a large number of financial firms; it can exist in a wide variety of forms, with practices in multiple departments, making self-governance complex. Corruption and Fraud in Financial Markets is a comprehensive guide to identifying and stopping potential problems before they reach the level of finable misconduct.

Author : Ester Herlin-Karnell
Publisher : Bloomsbury Publishing
Page : 204 pages
File Size : 11,74 MB
Release : 2019-09-19
Category : Law
ISBN : 1509903097

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The European Union regime for fighting market manipulation and insider trading – commonly referred to as market abuse – was significantly reshuffled in the wake of the financial crisis of 2007/2008 and new legal instruments to fight market abuse were eventually adopted in 2014. In this monograph the authors identify the association between the financial crisis and market abuse, critically consider the legislative, policy and enforcement responses in the European Union, and contrast them with the approaches adopted by the United States of America and the United Kingdom respectively. The aftermath of the financial crisis, ongoing security concerns and increased legislation and policy responses to the fight against irregularities and market failures demonstrate that we need to understand, in context, the regulatory responses taken in this area. Specifically, the book investigates how the regulatory responses have changed over time since the start of the financial crisis. Market Manipulation and Insider Trading places the fight against market abuse in the broader framework of the fight against white collar crime and also considers some associated questions in order to better understand the contemporary market abuse regime.

Author : Jerry W. Markham
Publisher : M.E. Sharpe
Page : 458 pages
File Size : 26,86 MB
Release : 2013-09-16
Category : Business & Economics
ISBN : 076563676X

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This is the first book to examine the failure of the U.S. government to properly regulate, monitor, and prevent financial speculation and manipulation of various markets. While the nineteenth century is surveyed in chapter 1, the book's focus is on the period from the first congressional efforts at regulation in 1936 to the present.

Author : Jonathan A. Batten
Publisher :
Page : 31 pages
File Size : 27,64 MB
Release : 2018
Category :
ISBN :

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In this paper, circumstances under which the prevention of market manipulation may not ultimately serve the common good, are considered. Prevention of these crimes is necessary given their considerable economic and social impacts. Recent prosecutions for manipulation of the important LIBOR (London Interbank Offered Rate) in the international finance market are used to argue that top-down approaches to the rule enforcement of individuals and corporations, cannot ultimately succeed in preventing these types of crimes. One key concern with current regulatory approaches is that they assume individuals make rational, consequence-based decisions. This allows the abdication of individual moral responsibility in favour of institutional and regulatory guidance. The LIBOR scandal, however, shows that compliance to these rules is especially problematic in organizations plagued with self-centred, narcissistic and ruthless profit-driven cultures. Alternatively, we suggest that a bottom-up approach, which relies upon individuals acting in the interest of the common good, maybe more effective in organisational environments that are duty, as well as incentive, based. This approach requires individuals to accept a degree of moral responsibility for their actions, and to some extent the actions of others. We believe that properly motivated and instructed, individuals can think and act better than they might otherwise do despite behavioural bias.

Author : Nicholas Ryder
Publisher : Edward Elgar Publishing
Page : 0 pages
File Size : 20,6 MB
Release : 2014
Category : Commercial crimes
ISBN : 9781781000991

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It also reveals a number of similarities and differences in the approach towards white-collar crime emanating from the financial crisis. Offering an important analysis of the factors which contributed to the global financial crisis and the role played by economic crime, the author provides an insightful critique of the legislative, regulatory and enforcement responses on both sides of the Atlantic. Specific examples include mortgage fraud, predatory lending, Ponzi fraud schemes, market misconduct and the manipulation of LIBOR. Nicholas Ryder's conclusions are powerful, and those responsible for policing the financial markets should take careful note of the recommendations he puts forward. This timely book will be of great use to both teachers and students of financial crime relevant modules.

Author : Financial Crisis Inquiry Commission
Publisher : Cosimo, Inc.
Page : 692 pages
File Size : 43,32 MB
Release : 2011-05-01
Category : Political Science
ISBN : 1616405414

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The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.

Author : Pierre-Hugues Verdier
Publisher : Oxford University Press, USA
Page : 281 pages
File Size : 46,43 MB
Release : 2020
Category : LAW
ISBN : 0190675772

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Introduction : Global Banks, Regulators, and Prosecutore -- "I Think We Got Away With It" : Benchmark Manipulation -- "Geneva Is Lovely this Time of Year" : Offshore Tax Evasion -- "A Hidden War" : Sanctions Evasion -- "An Extortion and An Act of Piracy" : Enforcing Sovereign Debt -- Conclusion : The Future of Global Bank Prosecution

Author : Brandon L. Garrett
Publisher : Harvard University Press
Page : 380 pages
File Size : 40,51 MB
Release : 2014-11-03
Category : Law
ISBN : 0674744616

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American courts routinely hand down harsh sentences to individual convicts, but a very different standard of justice applies to corporations. Too Big to Jail takes readers into a complex, compromised world of backroom deals, for an unprecedented look at what happens when criminal charges are brought against a major company in the United States. Federal prosecutors benefit from expansive statutes that allow an entire firm to be held liable for a crime by a single employee. But when prosecutors target the Goliaths of the corporate world, they find themselves at a huge disadvantage. The government that bailed out corporations considered too economically important to fail also negotiates settlements permitting giant firms to avoid the consequences of criminal convictions. Presenting detailed data from more than a decade of federal cases, Brandon Garrett reveals a pattern of negotiation and settlement in which prosecutors demand admissions of wrongdoing, impose penalties, and require structural reforms. However, those reforms are usually vaguely defined. Many companies pay no criminal fine, and even the biggest blockbuster payments are often greatly reduced. While companies must cooperate in the investigations, high-level employees tend to get off scot-free. The practical reality is that when prosecutors face Hydra-headed corporate defendants prepared to spend hundreds of millions on lawyers, such agreements may be the only way to get any result at all. Too Big to Jail describes concrete ways to improve corporate law enforcement by insisting on more stringent prosecution agreements, ongoing judicial review, and greater transparency.