Benchmark Riggers to Face Jail in Planned U.K. Law Shift
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Traders who manipulate currency rates or borrowing costs would face criminal charges under plans to be announced by Chancellor of the Exchequer George Osborne in a crackdown on bankers less than a year before a general election.
The government is poised to extend laws imposing as much as seven years in jail for Libor manipulation to gauges used in foreign-exchange, fixed-income and commodity markets, according to a statement by the Treasury before Osborne and Bank of England Governor Mark Carney speak at London’s Mansion House today. The measures are part of a review by the Treasury, BOE and the Financial Conduct Authority of how markets operate.