EU May Criminalise Commodities Price Distortion

by Barbara Lewis
Reuters.com

BRUSSELS, July 26 (Reuters) – Manipulating international commodity benchmarks such as Brent crude oil would be a criminal offence, punishable by jail, under a set of reforms the EU Commission has proposed in response to the rigging of a major interest reference rate.

The Commission, the EU’s executive arm, announced on Wednesday plans to tighten supervision of financial benchmarks after a scandal involving interbank lending rate Libor, used to set prices for trillions of dollars of financial products.

The benchmarks the Commission wants to make more “reliable, transparent and credible” also include commodities such as gold, cocoa, and Brent crude.

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