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From a cross-disciplinary social science perspective, it is evident that financial and economic development is not a matter simply of a propern social structure (e.g., Laissez-faire free-market) but also requires good individual leadership (competence and honesty). Financial systems require both structure and leadership, despite some economic scholars holding to the idea of an economic structural mechanism of a 'perfect market'. However, good leadership and proper societal structure together is not a simple process, nor certainly obtained, as empirically there are no societal 'mechanisms'. A case, such as Libor, clearly illustrated the importance of both structure and leadership in the proper operation of societal systems. Bad leadership can corrupt a societal structure; and a corrupt societal structure can enable bad leadership. The case of Libor provides empirical evidence for the social science proposition that a financial system requires both proper government regulation and integrity in private sector operations. But this is not easily achieved in societies of self-organizing systems. We apply a cross-disciplinary framework of systems dynamics to analyze the Libor event, as a kind of challenge in the control of self-organizing societies, which are facilitated by information technology processes.

"A bestselling financial reporter exposes the decades-long banking conspiracy that swindled ordinary investors out of billions. Following her national bestseller Too Good to Be True, the inside story of the Bernie Madoff scandal, Erin Arvedlund brings her reporting chops and deep financial expertise to the first book to tell the full story of the Libor scandal. In 2012, news broke that a group of young, chummy bankers had, for years, been colluding to manipulate the London Interbank Offered Rate--the interest rate that determines how money is borrowed and lent throughout the world. They set the Libor higher or lower to suit each others' needs, while ordinary savers and investors suffered without even knowing it. It was a classic "open secret" among competitors that cost countless victims as much as $1 trillion. Arvedlund takes us behind the scenes of elite firms like Barclays Capital, where twenty-something masters of the universe played fast and loose, while their bosses looked the other way. She also examines the failures of prominent regulators and other officials"--

Der LIBOR als "Universalwerkzeug" zur Flexibilisierung von Zinszahlungen beeinflusst Verträge mit einem ausstehenden Nominalwert von mehr als 300 Bio. US-Dollar weltweit. Die leichte Beeinflussbarkeit der Benchmark, schwere Interessenkonflikte und schwache Unternehmensstrukturen führten zu einem der größten Manipulationsskandale im Finanzsektor. Seit 1. Januar 2018 wird der wirtschaftlich hoch relevante, bisher aber nur einer Selbstregulierung unterworfene Teil des Finanzsystems, erstmals im Rahmen einer europäischen Verordnung umfassend reguliert. Nach einer ökonomischen Analyse von Referenzwerten im ersten Teil der Arbeit und der Erarbeitung von Regulierungs- und Sanktionslücken im zweiten Teil, wird im dritten Teil untersucht, inwiefern die Marktmissbrauchs-Verordnung (EU) 596/2014 und die Benchmark-Verordnung (EU) 2016/1011 die bestehenden Lücken schließt.

This article investigates the structure of Gaussian pricing models (that is, models in which future returns are normally distributed). Although much is already known about such models, this article differs in that it is based on a formulation of the theory of derivative pricing in which numeraire invariance is manifest, extending earlier work on this subject. The focus on symmetry properties leads to a deeper insight in the structure of these models. The central idea is the construction of the most general class of derived Gaussian tradables given a set of underlying tradables which are themselves Gaussian. These derived tradables are called "generalized power tradables" and they correspond to portfolios in which the fraction of total value invested in each asset is a deterministic function of time. Applying this theory to Gaussian HJM models, the new tradables give an explicit description of the interdependence of bonds implicit in such models. Given this structure, a simple condition is derived under which these models allow a description in terms of an M-factor Markov functional model, as introduced by Hunt, Kennedy and Pelsser. Finally, conditions are derived under which these Gaussian Markov functional models are time homogeneous (bond volatilities depending only on the time to maturity). This result is linked to recent results by Björk and Gombani.

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Der LIBOR-Manipulationsskandal wird mitunter als einer der größten Finanzskandale unserer Zeit bezeichnet. Allein das Gesamtvolumen der auf den LIBOR und den EURIBOR referenzierenden Finanzinstrumente bezifferte das FSB auf 370 Billionen Euro. Es ist daher nicht verwunderlich, dass die Manipulationen auch einschneidende rechtliche Folgen hatten. Der Autor legt die erste umfassende Untersuchung dieser vielfältigen Rechtsfragen aus der Perspektive des Unionsrecht und der deutschen Rechtsordnung vor. Neben einer Analyse zu den rechtsökonomischen Grundlagen von Financial-Benchmarks enthält das Werk u.a. nähere Ausführungen zum präventiven Aufsichtsrecht in Form der neuen Benchmark-VO der EU, zum Marktmanipulationsverbot und zum Privatrecht. Gerade der letztere Bereich verdient besonderes Augenmerk, weil sich durch die Bezugnahme auf Benchmarks in Finanzkontrakten und -instrumenten jede Manipulation auch auf die jeweiligen Vertragspflichten der Parteien auswirkt. / »Financial Benchmarks. Regulatory and Private Law Consequences of the Manipulation of Major Interest Rate Benchmarks Like LIBOR and EURIBOR« -- The LIBOR fixing scandal is sometimes said to be one of the greatest scams in financial history. The author gives the first comprehensive analysis of the various legal consequences of the manipulations from the perspective of European Union law and German law. After introducing the economic principles of financial benchmarks at a general level, the author analyses, in particular, the new European Benchmark Regulation, the new prohibition on market manipulations in the MAR, and the private law consequences of the fixing.