The head of Germany’s financial regulator Bafin has finding new support for proposing radical overhauls to the benchmark rate market, say reports, as Deputy Finance Minister Michael Meister said stronger regulation is necessary to prevent another LIBOR scandal.
In an interview, Meister supported earlier suggestions by Bafin head Elke Koenig and chancellor Angela Merkel, who suggested that foreign currency and precious metals benchmarks should be transferred to regulated exchanges “because it increases the integrity of price-setting.”
Monitoring such trading should be on the agenda of regulators throughout the globe, he said, “and in particular at the European level.”
Koenig first proposed ad admittedly very far-reaching idea” several weeks ago as global authorities discuss how to prevent another LIBOR scandal, which has seen millions in fines as the world’s largest banks were suspected of manipulating the interest rate benchmark.
Authorities are also investigating new benchmark manipulation claims within the precious metals and foreign exchange markets.
Full Content: Businessweek
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