Former Barclays trader Philippe Moryoussef has been found guilty of leading an effort to rig the Euro Interbank Offered Rate between 2005 and 2009, but the jury couldn't reach a verdict on the roles of former Barclays traders Colin Bermingham, Carlo Palombo and Sisse Bohart. Deutsche Bank executive Achim Kraemer has been cleared of charges.
ICE Benchmark Administration supports development of risk-free alternatives to Libor, President Timothy Bowler says, but Libor still has a future. The Intercontinental Exchange unit thinks "a reformed Libor could continue to exist alongside these new rates, to serve a different set of customer requirements," Bowler says.
The International Swaps and Derivatives Association has published a consultation paper on fallbacks for interbank offered rates in the event they are discontinued.
The "logical next step" after implementation of Europe's revised Markets in Financial Instruments Directive is to take advantage of technology such as artificial intelligence and automation to comply with data requirements, says Gerard Walsh, head of business development at Northern Trust Capital Markets.
Lady Gaga is working on the launch of a startup to be called Haus Beauty, sources say. Ben Jones, who previously was chief digital officer at Honest Co., reportedly will manage Haus Beauty as CEO, and Lightspeed Venture Partners is said to be an early investor.
Goodwall, a social media startup that calls itself LinkedIn for students, raised $10.8 million in a recent funding round. The money will be used for expansion.
Octi, an augmented reality startup that uses machine learning and computer vision technology to offer advanced features, has raised $7.5 million in seed funding. Investors include the OneTeam Collective, the accelerator of the NFL Players Association.
Spring Health, a startup that provides online advice and assistance related to mental health, raised $6 million in its most recent funding round. The company uses artificial intelligence to analyze patient data and recommend treatment plans.
Movile, a Brazilian mobile commerce platform, raised $124 million in its most recent funding round, which was led by Naspers, a longtime backer of the company. CEO Fabricio Bloisi wouldn't discuss valuation but indicated that Movile expects to launch an initial public offering eventually.
Paidy, a Japanese startup that gives shoppers a way to make online purchases without using a credit card, raised $55 million in its most recent funding round. Japanese conglomerate Itochu led the round.