EU's Rate-Rigging Penalties May Do Little To Curb Abuses
Law360, New York (September 10, 2013, 8:36 PM EDT) -- The European Parliament said new rules approved Tuesday that would impose lifetime bans, criminal penalties and fines on traders accused of market manipulation are a step toward cleaning up financial benchmarks, but critics say they may not be stiff enough to be an effective deterrent.
Introduced in the wake of rigging scandals that have plagued Libor, a key financial benchmark, as well as in energy markets and the continent's carbon trading scheme, the new regime would put market manipulation at the same level as insider trading. And that means stiff fines and potential jail time for traders caught rigging markets....
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