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By Szu Ping Chan. Traders who attempt to rig key foreign reuters, oil and gold benchmarks will face up to seven years in jail under new laws to tackle market abuse. The legislation also covers the London Reuters Fixing and the LMBA Silver Price, which determine the price of the precious metals reuters the London market.
Ensuring that the key rates that underpin financial markets here and around the world are robust, and that anyone who seeks to manipulate them is subject to the full force of the law, forex an important part of our long term economic plan," the Chancellor said in a statement on Monday.
Take forex rigging fines out of bonuses. First arrest in SFO forex investigation. Bank fines help push borrowing down in November. Last year, the Government introduced unlimited fines and prison sentences of up to seven years for making false or misleading statements about Libor - or the London Interbank Offered Rate - a flagship benchmark that affects what banks, businesses and individuals pay to borrow money.
The laws, which are expected to come into force next April, follow a consultation by the Treasury in September. The Financial Conduct Authority FCAwhich is tasked with policing behaviour in the City, will publish final rules in the coming months.
The legislation will support the Fraud Act, where convicted criminals face a maximum prison sentence of 10 years. This summer, the Government launched the Fair and Effective Markets Review, a joint evaluation of the City by the Treasury, the Bank of England, and the FCA aimed at restoring trust in the wake of a number of rate-rigging scandals. The consultation will focus on Fixed Income, Forex and Commodities FICC trading.
The Serious Fraud Office confirmed last week that a London banker had been arrested in what is believed to be the first arrest in relation to the criminal investigation into foreign exchange rigging.
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