• The post you are reporting:
   
  Courtesy Telegraph.......rvh precise
  
  London threatened by plans to move Libor regulation to Paris
  
  Supervision of the scandal hit Libor interest rate could move to Paris under plans being drawn up by the
  
  European Commission, dealing a potential blow to London's financial pre-eminence.
  
  Senior City sources warned that a Paris-based regulator risked marginalising Libor and diminishing London's
  
  status as a global financial capital
  
  Brussels has drawn up proposals to formalise regulation of a range of pricing structures, from the Libor
  
  inter-bank lending rate to benchmarks for oil and gold. Under the plan, Libor would come under the supervision
  
  of the European Securities and Markets Authority, which is based in Paris.
  
  Any move out of London could be a cause of much embarrassment for the UK authorities, which have
  
  already had to admit to failure in allowing traders to rig the $300 trillion global market. Several banks,
  
  including Royal Bank of Scotland and Barclays, have already been fined hundreds of millions of pounds
  
  and the Libor setting process is being overhauled.
  
  However, senior City sources warned that a Paris-based regulator risked marginalising Libor and diminishing
  
  London's status as a global financial capital.

Report Post

Your Name

Reason