EU Parliament May Hold Hearings Into Libor-Rigging Scandal

 

Bankers and regulators may be called to appear at European Parliament hearings into the scandal engulfing interbank lending rates as lawmakers seek to prevent any repeat of such market manipulation.

Arlene McCarthy, the legislator leading the parliament’s work on draft market-abuse rules, said hearings should shed light on how bankers were able to rig lending rates and why regulators failed to act. The move comes as the assembly and Michel Barnier, the 27 nation EU’s financial services chief, prepare legal measures to punish illicit interest-rate fixing.

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