Bank-Rate Rigging Faces Tougher EU Rules, Antitrust Scrutiny

The European Union pledged tougher supervision of interbank lending rates and said it may expand antitrust probes as part of a response to the global scandal triggered by the manipulation of Libor.

Michel Barnier, the EU’s financial services chief, said he’s aiming to present proposals by year end for overhauling governance of Libor, Euribor and other market indices. EU Competition Commissioner Joaquin Almunia also said that he may expand probes into bank-rate rigging.

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