HSBC to pay $35M for benchmark rate manipulation
HSBC will pay $35 million to end a US antitrust litigation claiming that it conspired with other banks to manipulate the yen Libor and Euroyen Tibor benchmark interest rates to benefit their own trading positions from 2006-2010. Banks use the London Interbank Offered Rate (Libor) and Tokyo Interbank Offered Rate (Tibor) to set costs of borrowing from each other. 