The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
from Alison Frankel:
There are so many interesting jurisdictional issues in the U.S. government's prosecution of foreign bankers allegedly involved in the manipulation of benchmark London Interbank Offered Rates, calculated in London under the auspices of the British Bankers' Association. Last December, Covington & Burling laid out at least three solid arguments for why U.S. courts shouldn't hear the government's criminal case against Roger Darin, a Swiss UBS interest-rate trader charged with one count of conspiracy to commit wire fraud by supposedly submitting false reports of UBS' yen Libor, including the territorial limits of the U.S. wire fraud statute and Darin's due process right not to be tried in U.S. courts for conduct that took place entirely outside of the United States.
When the Bank of England decides to start hiking interest rates, it may find that its standard 25 and 50 basis point interest rate moves of old are too blunt a tool for Britain's delicately-poised economic recovery.
from Global Investing:
A perfect storm seems to be brewing for the Russian rouble. It has tumbled to four-year lows against a euro-dollar basket. Against the dollar, it has lost around 7 percent so far this year, faring better than many other emerging currencies. But signs are that next year will bring more turmoil.