EU works toward harsher punishment for market abuse

06/26/2013 | Bloomberg

EU nations have struck a draft deal with the European Parliament to bolster sanctions levied on bankers, traders and other participants guilty of market abuse. "On top of manipulation of [the London Interbank Offered Rate] we are witnessing more alleged and potential manipulation of benchmarks in energy markets such as oil and gas, while investigations have begun into whether traders at some of the world's biggest banks have manipulated foreign exchange rates," Parliament member Arlene McCarthy wrote in an e-mail. "[The proposal] provides for tough minimum sanctions and a permanent ban from working in the industry."

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