Libor to Oil Targeted by EU Deal on Tougher Market-Abuse Law

Bankers and traders found guilty of rigging benchmark rates from Libor to oil would face tougher fines and other sanctions in the future under a deal reached by the European Union to overhaul its penalties for market abuse.

Nations clinched a draft accord with European Parliament lawmakers to toughen sanctions against market abuse. The accord sets out minimum penalties available to regulators when they punish perpetrators. As well as rate rigging, the draft law covers other kinds of market manipulation and insider trading.