London Gold, Silver And Other Benchmarks coming under regulation by the British government.
“Traders who manipulate key oil, gold and currency benchmarks will be handed the same huge fines or jail sentences as those who rig Libor under government proposals to tackle market abuse.”
“The Treasury launched a formal consultation on Thursday to extend the new legislation to cover the foreign exchange, fixed income and commodity markets. Under the proposals, the legislation would cover the London Gold Fixing and the LMBA Silver Price, which determine the price of the precious metals in the London market.”
“Also targeted is the ICE Brent futures contract, “which acts as the crude oil futures market’s principal financial benchmark”, the Treasury said.
““The integrity of the City matters to the economy of Britain. Ensuring that the key rates that underpin financial markets are robust, and that anyone who seeks to manipulate them is subject to the full force of the law is vital,” said Andrea Leadsom, economic secretary to the Treasury.