The Libor scandal is at last unfolding, and it appear the guilty parties are being punished -- BUT the time delay has diluted its effect .
The exchange regulators were warned at the time of mass manipulation, especially in STIR contracts; but the exchanges' supervision departments denied any wrong doing; therefore making it impossible for the FSA to intervene!
If our regulators are to improve and instil much needed confidence, they have to attack the abuse at the source -- or at least by the end of the trading day, as this will nip the manipulation in the bud.
Market supervision departments have to be given the power to suspend / remove traders if they fail to offer "a fair and orderly market," even if it means the exchange costs go up! Finally can someone please tell me where these LIBOR fines are going to ?