December 21, 2012
The National Centre for Business Law will be hosting an upcoming seminar on Libor on January 8th entitled: “The World’s Most Important Number: How a Web of Incentives, Hierarchies and Legal Compliance Cultures Conspired to Undermine Libor”, with guest speaker Eric Talley, Rosalinde and Arthur Gilbert Professor of Law and Faculty Director, Berkeley Center for Law, Business and the Economy.
From the National Centre for Business Law:
“To many observers, the recent scandal surrounding manipulations of the London Interbank Offering Rate (LIBOR) may go down as one of the most significant and far reaching events associated with the global financial crisis. Literally hundreds of trillions of dollars’ worth of global financial contracts – ranging from mortgages to credit cards to corporate debt securities to financial derivatives – hinge critically upon LIBOR to peg the financial obligations of the parties. This essay offers some preliminary thoughts on how best to reorganize and design benchmark financial measures in the presence of self-interested and often short-sighted regulators, participating banks, and general market participants. Given these constraints, should we impose further top-down regulation on the rate-setting process at all, and if so, how? Should we instead depend on ex post liability to provide incentives, and if so, how would such a liability system work? Or, should we limit intervention to identifying more reliable market-mediated alternatives to LIBOR — ones that would be less susceptible to manipulation, but also less responsive-to-government-regulatory-policies?”
For more information and registration details see: National Centre for Business Law.
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