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
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI