“Hi all, just as an FYI, I will be in noon’ish on Monday,” wrote one of Barclays Bank’s submitters, a person responsible for reporting the interest rate at which one of Britain’s biggest banks is able to borrow money, through its dealings with other financial institutions, and derivatives products on offer over-the-counter.
“Noonish? Who’s going to put my low fixings in? Hehehe,” came the cheeky reply from one of Barclays’ traders.
This is just one of the emails released at the conclusion of an investigation by industry regulators the Financial Services Authority (FSA) into Barclays’ interest rate fixing of its LIBOR (London Interbank Offered Rate) and EURIBOR (Euro Interbank Offered Rate).
In practices outlawed by the FSA, Barclays traders and submitters worked together to manipulate the interest rates being reported in order to benefit the bank’s trading positions and increase its profits.