EU prepares for clampdown on Libor-style indexes
Source: Reuters
(Reuters) - The EU executive opened talks with the financial industry on Wednesday on how to impose curbs on financial market benchmarks and indexes, marking the start of a regulatory clampdown following rigging in London's inter-bank lending market.
The European Commission spelt out its concerns about the indexes that are used to set borrowing rates and other prices in financial and commodity markets. In parallel, the Commission's antitrust arm is investigating the Libor (London Interbank Offered Rate) and Euribor benchmarks.
"The international investigations underway into the manipulation of Libor have revealed yet another example of unacceptable behaviour by banks," Michel Barnier, the European commissioner in charge of regulation, said in a statement.
"Wider work is required to regulate how indices and benchmarks are compiled, produced and used."
Read more: http://uk.reuters.com/article/2012/09/05/uk-eu-libor-law-idUKBRE8840HD20120905
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