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EU: Report calls for increased efforts against Euribor rigging

By  |  February 20, 2014

A joint report released tis week by the European Securities and Markets Authority and the European Banking Authority has called for continued efforts to improve oversight of the Euribor benchmark, say reports.

The Euribor-EBF, which oversees the benchmark setting, must implement improvements even though it has already increased the frequency of committee meetings, say reports.

The authorities are calling on the Euribor-EBF to continue those improvement efforts, even as EBA head Andrea Enria said the improvements are “on the right path.”

The report was issued as banks were issued a record $2.3 billion in fines by the European Commission for allegations of manipulating the benchmark. Deutsche Bank and Royal Bank of Scotland were among the fined.

Full Content: Businessweek

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