Labour support to stop financial market abuse

STRAS VOTE.cropMEPs voted yesterday to toughen up EU-wide rules on market abuse and help restore much needed confidence in financial markets.

Welcoming the vote, East Midlands Labour MEP Glenis Willmott said:

“The Libor scandal of recent years brought to public attention an example of the worst kind of market manipulation.  But we’ve also seen many more examples of alleged and potential manipulation of benchmarks in energy markets such as oil and gas and foreign exchange markets.

“The new rules passed by the European Parliament will close the Libor loophole and ensure all such benchmarks and indices are covered by law.”

“What remains to be seen is whether the new market abuse rules can highlight and deal with potential and emerging abuses in a global financial system which is ever more hi-tech and fast moving.

“We will also see whether those who commit market abuse in the UK and Europe will face the full force of the law rather than being extradited to America  because they have tougher sanctions and longer jail sentences.

“This law closes the gap between us and the US, and sends a clear signal that the EU is not a soft option or safe haven for perpetrators of market abuse.”

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