TRADERS who manipulate currency, commodity and interest rate benchmarks could be jailed under a major expansion of the Libor laws,
Previously, the focus of the new rules - the centrepiece of which is a prison term of up to seven years for market abuse - was on Libor.
But the Bank of
They will make the decision this Autumn and legislation will be drafted by April.
"I am going to deal with abuses, tackle the unacceptable behaviour of the few and ensure that markets are fair for the many who depend on them," said chancellor Osborne.
Most Popular Stories
- Illegal Immigration Near Historic Low, Despite What You May Have Heard
- Small-Business Loans Fueling Economic Growth
- Gasoline Costs Drive Consumer Price Increases
- Saudi Arabia Will Open Stock Market to Foreigners
- Tesco Head Steps Down After Profit Warning
- Russians Fed Steady Diet of Conspiracy Theories
- Want a Job? Try Minneapolis
- Durbin Drubs Walgreen for Possible Tax Dodge
- Comic-Con Offers Toy Designers a Chance to Go Wild
- Google Chrome Bug Draining Batteries: Report