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UK moves to extend Libor rigging laws to oil, gold, and currency markets
By Szu Ping Chan and News Agencies
The Telegraph, London
Thursday, September 25, 2014
New powers to punish Libor rigging with criminal sanctions should be extended to seven other major benchmarks, including oil, gold, and currency markets, the government has said.
The Treasury launched a formal consultation today to extend the new legislation to cover the foreign exchange, fixed income and commodity markets. Under the proposals, the legislation would cover the London Gold Fixing and the LMBA Silver Price, which determine the price of the precious metals in the London market.
Also targeted is the ICE Brent futures contract, "which acts as the crude oil futures market's principal financial benchmark," the Treasury said. ...
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