Osborne: Traders who rig markets will face jail

clock

The Chancellor is set to announce plans to clamp down on traders who manipulate markets, while establishing a review of how these markets operate.

In his Mansion House speech later today, George Osborne (pictured) is expected to propose making the manipulation of foreign currency markets by banks a criminal offence, the BBC reports. He plans to extend the legislation used to deal with LIBOR interest rate-fixing to the currency, commodities, and fixed income markets. His speech will come as the government announces a joint review into the way wholesale financial markets work, in reaction to serious allegations of misconduct. This will be led by the Bank of England, the Financial Conduct Authority, and the Treasury. The review...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Economics

Trustpilot