UK authorities are reportedly considering extending rules against the manipulation of LIBOR benchmark rates across other financial markets.
According to reports, the UK treasury is consulting on extending new legislation that criminalizes the manipulation of LIBOR rates onto other benchmarks including the Sterling Overnight Index Average and the Repurchase Overnight Index Average. Both apply to overnight index swaps, say reports.
Authorities are also considering reaching the legislation to the London Gold Fixing, LBMA Silver Price, and ICE Brent futures prices.
To date, no criminal charges have been brought against individuals at a financial institution for market-rigging, reports say.
Full content: Forex Magnates
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