PSzÁF urges tighter self-regulation for BUBOR participants

Competition

Financial market regulator PSzÁF has issued recommendations based on the result of an investigation of Budapest Interbank Offered Rate (BUBOR) quotes involving 17 domestic lenders. The watchdog urged banks to beef up self-regulations in the recommendations. PSzÁF said in February, announcing the results of the investigation, that it had found regulatory, risk management and controlling shortfalls. However, it found no intentional manipulation in the investigation, which it launched after financial market watchdogs in the US and UK said they had uncovered rate-fixing by Barclay's Bank. PSzÁF said in the recommendations that that the circle of banks that participate in the BUBOR system should be maintained or, if possible, expanded. It recommended drawing up internal regulations that outline procedures, conflicts of interest and prohibit sharing of information with other participants in the system. It also recommended establishing a code of ethics for participants as well as the introduction of sanctions for violating this code.

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