EU Parliament Approves Benchmarks Bill to End Rigging Scandals

The European Parliament passed a bill intended to tackle benchmark manipulation in the wake of a stream of scandals that resulted in billions of dollars in fines for some of world’s largest banks.

The legislation, which still requires approval by the European Union’s 28 member states, is designed to “clean up the benchmark-setting process, improve transparency and prevent conflicts of interest” like those that led to recent rigging scandals involving the London interbank offered rate, the parliament said in a statement after Thursday’s vote.