Banks Face Fines for Benchmark Safeguard Breaches in EU Plan
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Banks risk fines as high as 10 percent of their yearly sales for failing to set up adequate safeguards to combat benchmark rigging, under European Union anti-manipulation rules presented today.
Michel Barnier, the EU’s financial services chief, called for the sanctions as part of sweeping plans to toughen regulation of benchmarks underpinning more than 1,000 trillion euros ($1,335 trillion) of financial contracts ranging from oil and sugar to mortgages and foreign-exchange swaps.