LIBOR–The Over-the-Counter Defendants’ Motion to Dismiss

LIBOR–The Over-the-Counter Defendants’ Motion to Dismiss

In this post, we cover recently filed briefing in In Re: Libor-Based Financial Instruments Antitrust Litigation, 11-MD-02262 (“In re Libor”), the multi-district litigation in the Southern District of New York comprised of actions filed across the United States since 2011 relating to manipulation of LIBOR (the London Interbank Offered Rate) for the U.S. dollar. Continue reading LIBOR–The Over-the-Counter Defendants’ Motion to Dismiss

SEF Scuttling? Alleged Manipulation of the Interest Rate Swap Market through Torpedoing of All-To-All Platforms and SEF Marketplaces

SEF Scuttling? Alleged Manipulation of the Interest Rate Swap Market through Torpedoing of All-To-All Platforms and SEF Marketplaces

Interest rate swaps (IRS) are a frequently traded instruments known for their ability to reduce or increase one’s exposure to changes in interest rates. Buy-side funds and firms historically have been reliant on the major sell-side broker-dealer banks like Bank of America to purchase and sell IRS. However according to a number of actions MDL’d to Interest Rate Swaps Antitrust Litigation, No. 1:16-md-02704 (SDNY) (“IRS Antitrust Litigation”), in the late 2000s this was poised to change. New platforms, and swap execution facilities (“SEFs”) supposedly would have opened up “all to all” trading, in which buy-side firms could sell to other buy-side firms, breaking the broker dealers’ monopoly on the sale of swaps Continue reading SEF Scuttling? Alleged Manipulation of the Interest Rate Swap Market through Torpedoing of All-To-All Platforms and SEF Marketplaces