CCP News & Events
Throughout the year CCP runs a variety of events which includes our regular weekly Seminar Series and our Annual Conference, held every summer.
More information on these and other events can be found by following the links below. Subscribe to our mailing list to kept up-to-date with all Centre events.
CCP SEMINAR | 8 Dec, TPSC 0.1
The next CCP seminar will be on Friday 8 December with Maarten Pieter Schinkel (Amsterdam Center for Law and Economics) presenting on "Collusive Benchmark Rates Fixing"
ABSTRACT: The fixing of benchmark rates such as Libor, Euribor and FX has proven vulnerable to manipulation. Individual rate-setters may have incentives to fraudulently distort their submissions. For the contributing banks to collectively agree on the direction in which to rig the rate, however, their interests need to be sufficiently aligned. In this paper we show how a benchmark rates cartel can be sustained by preemptive portfolio changes. Exchange of information facilitates front running that allows members to reduce conflicts in their trading books. Designated banks then engage in eligible transactions rigging to justify their submissions. As the cartel is not able to always find stable cooperative submissions against occasional extreme exposure values, there is episodic recourse to non-cooperative quoting. The benchmarks remain vulnerable to these cartel mechanisms, also after the implementation of recent and proposed reforms. Periods of heightened volatility in the rates can be indicative of collusion.
The seminar will take place between 1pm-2pm in Thomas Paine Study Centre (TPSC), Room 0.1.
Tea will be served directly after the seminar in the MBA Café area on Floor 2.
NEXT WEEK: Friday 15 December | Howard Shelanski (Georgetown University Law Centre, Washington DC) - tbc
For the full seminar series programme please visit our website: http://competitionpolicy.ac.uk/events/ccp-seminar-series