The Chancellor has confirmed that traders who rig foreign exchange (forex) and other key markets will face jail terms of up to seven years.
George Osborne said new rules to criminalise such activities would be in place by April under the Government's plans while the City regulator is also proposing new powers to bolster its own oversight of firms.
The measures were announced a month after world regulators including the Financial Conduct Authority (FCA) fined six banks £2.6bn over the forex rigging investigation.
Barclays was yet to settle but told Sky News last week that it expected to need more than the £500m it had already set aside to handle claims.
The rules proposed by Mr Osborne will extend legislation put in place last year to cover the manipulation of the interbank lending rate, Libor, which has also been the subject of a scandal resulting in billions being paid out in fines.
The seven additional rates to be covered by the law include the dominant global foreign exchange benchmark and key indices for gold, silver and Brent crude oil.
Mr Osborne said today: "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.
"That's why the Government is determined to deal with abuses, tackle the unacceptable behaviour of the few and ensure that markets are fair for the many who depend on them."
Those who administrate the benchmarks and submit figures used in their calculation will also be subject to proposed new FCA rules with firms facing financial penalties, suspensions or censure for breaking them.
FCA chief executive Martin Wheatley said: "I am determined to ensure that markets work well and preserve the UK's reputation as a centre of excellence for financial services - today's announcement is a vital step in achieving this.
"This builds on our work to strengthen Libor, and drive up standards on benchmarks across the board."
Anda sedang membaca artikel tentang
Rate-Riggers Face Seven Year Jail Terms
Dengan url
http://clotehancamar.blogspot.com/2014/12/rate-riggers-face-seven-year-jail-terms.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Rate-Riggers Face Seven Year Jail Terms
namun jangan lupa untuk meletakkan link
Rate-Riggers Face Seven Year Jail Terms
sebagai sumbernya
0 komentar:
Posting Komentar