UK Treasury targets benchmarks, launches market review

Benchmark manipulation to become a criminal offence

George Osborne delivers budget in 2014

The UK Treasury has tightened controls around financial benchmarks and widened the reach of legislation put in place for the London Interbank Offered Rate (Libor) to foreign exchange, fixed-income and commodity markets. This comes as it launches a joint review into wholesale financial markets in conjunction with the Financial Conduct Authority (FCA) and the Bank of England (BOE).

The proposals put forward by the Treasury include widening the legislation put in place for Libor to other asset

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