Economy

Demeter

(85,373 posts)

56. Barnier Seeks to Widen EU Rules to Bar Libor Manipulation

Mon Jul 9, 2012, 02:03 PM

Jul 2012

http://www.bloomberg.com/news/2012-07-08/barnier-seeks-to-widen-eu-market-abuse-rules-to-include-libor.html

European Union Financial Services Commissioner Michel Barnier said he plans to widen EU rules on market abuse to outlaw the manipulation of the London interbank offered rate.

“I’ll propose to widen the field of application to effectively cover the manipulation of indexes, which includes Libor,” Barnier said today in an interview in Aix-en-Provence, France. “Anyone thinking of manipulating markets needs to know they’ll face sanctions, including possibly criminal ones.”

Arlene McCarthy, the lawmaker leading work in the EU parliament on the draft law on market abuse, said last week she and Barnier discussed how the bloc’s rules should be extended to ensure that manipulation of interbank lending rates is treated as a criminal offense.

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