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Traders who lie and fix rates to get €5m fines and bans

by September 11, 2013

written by 11^th Sep 13 10:58 am

Traders who rig rates and provide false information will be subject to fines of up to 5m euros (£4.2m) and bans from working in the sector, according to plans approved yesterday by the European Parliament.

The European Parliament said the punishments would be for those found guilty of “market abuse”. That will include those trying to manipulate rates like Libor and trying to manipulate markets such as commodities derivatives, food prices, energy prices, and other financial markets. It is also covers those who provide false information.

Companies that rate fixers work for could be fined up to 15m euros or 10% of their annual turnover.