EU launches consultation on possible new Libor regulations
September 6, 2012, 11:40 am TWN
BRUSSELS -- The European Commission launched Wednesday a consultation on possible new rules on financial market benchmarks after the interest-rate rigging scandal in London shook investor confidence.
Investigations have shown the London-based Libor scandal to be “yet another example of unacceptable behavior by banks,” Commissioner for Internal Market and Services Michel Barnier said in a statement.
The consultation, which runs to Nov. 15, will cover all benchmarks, not just interest rate benchmarks such as Libor, and will seek to identify possible shortcomings at every stage in the production and use of benchmarks.