UK Chancellor announces tougher sentences for rate rigging

Prison Bars

Traders who attempt to rig key foreign exchange, oil and gold benchmarks will face up to seven years in jail under new laws to tackle market abuse.

The Daily Telegraph reports that George Osborne announced on Monday that the Government would extend legislation covering Libor to seven other major benchmarks, including the WM/Reuters 4pm London Fix - the dominant global benchmark in the $5.3 trillion-a-day currency market - and the ISDAFix for swap rates.

The legislation also covers the London Gold Fixing and the LMBA Silver Price, which determine the price of the precious metals in the London market.

'The integrity of the City matters to the economy of Britain. Ensuring that the key rates that underpin financial markets here and around the world are robust, and that anyone who seeks to manipulate them is subject to the full force of the law, is an important part of our long term economic plan', the Chancellor said in a statement on Monday.

To access the complete Daily Telegraph article hit the link below

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