Osborne: Traders who rig markets will face jail

clock

The Chancellor is set to announce plans to clamp down on traders who manipulate markets, while establishing a review of how these markets operate.

In his Mansion House speech later today, George Osborne (pictured) is expected to propose making the manipulation of foreign currency markets by banks a criminal offence, the BBC reports. He plans to extend the legislation used to deal with LIBOR interest rate-fixing to the currency, commodities, and fixed income markets. His speech will come as the government announces a joint review into the way wholesale financial markets work, in reaction to serious allegations of misconduct. This will be led by the Bank of England, the Financial Conduct Authority, and the Treasury. The review ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Two convicted over role in £1.5m fake crypto investment fraud

Two convicted over role in £1.5m fake crypto investment fraud

Retrial set for a third individual

Jen Frost
clock 08 November 2024 • 2 min read
FCA urged to add ethical funds SDR label

FCA urged to add ethical funds SDR label

'We will carry on lobbying to try and change the rules'

Cristian Angeloni
clock 07 October 2024 • 1 min read
FCA's SDR regulation will 'make advisers sit up and listen'

FCA's SDR regulation will 'make advisers sit up and listen'

‘There has to be a fundamental re-educating of the adviser community’

Isabel Baxter
clock 30 November 2023 • 4 min read