Questions regarding LIBOR

Read the article and answer the following questions;

What is ‘Libor’ and why is it so important to international finance? (1 mark)
(300 words minimum)

In regard to the ‘Liborgate’ misconduct:
Identify the main stakeholders affected by the rate-rigging scandal (1 mark)
Discuss the prevailing system and how it created conflicts of interest (2 marks)
Determine the different types of conflicts of interest that led to unethical behaviour (3 marks)
(200+200+200 =600 words minimum)

Identify 3 (three) specific CFAI standards that were likely breached by the bank practitioners in this case. Justify your response. (3 marks)
(300 words minimum)

In regard to the fallout from the ‘Liborgate’ case study:

Discuss the impact the scandal has likely had on the global banking industry. (2 marks)
What measures have been put in place to minimise the risk of such future misconduct? Do you think regulators and the industry has sufficiently dealt with the issue? (3 marks)