Friday, 12 June 2015

UK clamps down on markets after trader scandals

From The Business Times –

“Britain announced plans to clamp down on abuse in financial markets on Wednesday after a string of scandals that sullied the reputation of the financial system and have so far cost banks US$19 billion in fines.

Under the proposals, criminal penalties currently in place for insider trading in shares would be extended to fixed-income, currency and commodity (FICC) markets with jail sentences for offenders lengthened to up to 10 years.

So-called "rolling bad apples" or individuals who are fired from financial firms would no longer be able to move to another job without their new employer knowing about their history.”

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