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.
Confidence in Libor, the benchmark interest rate for more than $500 trillion of securities, plummeted following Barclays Plc's admission in June that it submitted false rates. The revelations provoked renewed calls for tougher oversight of the financial system and pushed regulatory and criminal probes of interbank lending rates to the top of the political agenda.
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