britain eyes libour abuse powers for oil gold markets
Last Updated : GMT 07:21:17
Arab Today, arab today
Arab Today, arab today

Britain eyes Libour abuse powers for oil, gold markets

Arab Today, arab today

Arab Today, arab today Britain eyes Libour abuse powers for oil, gold markets

Britain eyes Libour abuse
London -AFP

Britain on Thursday said new powers to punish rigging of Libor interest rates with criminal sanctions should be extended for seven major benchmarks, drawing in oil, gold and currency markets.
"The government has today launched a consultation on extending the new legislation the government put in place to regulate Libor to cover further benchmarks in the foreign exchange, fixed income and commodity markets," said a statement from the Treasury.
The government said it wished to extend the legislation to the London Gold Fixing and the LMBA Silver Price, which determine the price of gold and silver in the London market.
Also targeted is the ICE Brent futures contract, "which acts as the crude oil futures market’s principal financial benchmark", the Treasury said.
The government wants to extend the legislation to cover also the WM/Reuters 4pm London Fix, or "dominant global foreign exchange benchmark" and the ISDAFix, described as the "principal global benchmark for swap rates and spreads for interest rate swap transactions".
The two other markets mentioned are the Sterling Overnight Index Average (SONIA) and the Repurchase Overnight Index Average (RONIA), which both serve as reference rates for overnight index swaps.
"Ensuring that the key rates that underpin financial markets are robust, and that anyone who seeks to manipulate them is subject to the full force of the law is vital," Economic Secretary to the Treasury Andrea Leadsom said in the statement.
"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."
The government, working alongside the Bank of England and Britain's financial regulators, said it intends to have the new regime for the designated benchmarks in place by the end of the year.
Britain had announced in June its intention to punish the manipulation of key financial benchmarks with criminal sanctions. On Thursday it spelled out which markets would be targeted.
The proposals appear as a number of banks worldwide are being probed over potential rigging of the foreign exchange market. This comes meanwhile after some traders have been found guilty of manipulating the inter-bank Libor interest rate. Britain had already threatened prison for those found guilty of rigging Libor.
The Libor scandal erupted two years ago when British bank Barclays was fined £290 million ($473 million, 371 million euros) by British and US regulators for attempted manipulation of Libor and Euribor interbank rates between 2005 and 2009. Euribor is the eurozone equivalent of Libor.
The London Interbank Offered Rate, or Libor, is a flagship instrument used all over the world, affecting what banks, businesses and individuals pay to borrow money.
Other banks have meanwhile faced far bigger fines than Barclays over Libor, notably Swiss lender UBS which was ordered to pay a penalty of $1.5 billion.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

britain eyes libour abuse powers for oil gold markets britain eyes libour abuse powers for oil gold markets

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

britain eyes libour abuse powers for oil gold markets britain eyes libour abuse powers for oil gold markets

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Presenter Sherine Ramahi proud of her career

GMT 06:46 2017 Sunday ,19 November

Presenter Sherine Ramahi proud of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday