Libor Fixers May Face Jail in Future Under EU Markets Plan

Bank staff found guilty of future attempts to rig interbank lending rates may face jail under European Union plans to prevent any repeat of the global scandal engulfing Libor.

The European Commission, the 27-nation EU’s executive arm, will propose tomorrow that manipulation of Libor, Euribor and other so-called market benchmarks should be subject to criminal sanctions, the authority said in an e-mailed statement today. Attempted manipulation would be punishable by fines and other administrative sanctions, the commission said.