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.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
