EU Lawmakers Probe Rate-Rigging

CFTC Chairman Gary Gensler to testify before European Parliament panel.

A panel of European Union lawmakers will ask regulators from three continents today why authorities failed to crack down on a culture of rigging interest rates.

Michel Barnier, the EU’s financial services chief, will testify to a European Parliament panel along with Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission, and Masamichi Kono, board chairman of the International Organization of Securities Commissions, in Brussels today.

Financial Penalties

The EU plans would also set financial penalties for attempted manipulation of rates. The commission is also seeking views on possible rules to overhaul Libor, Euribor and other market benchmarks.

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