Osborne’s attack on financial markets abuse
In his Mansion House speech on 12 June 2014, chancellor George Osborne announced a number of measures in light of recently alleged or established market abuses, principally manipulation of benchmarks for forex, gold and, most famously, interest rates (the LIBOR scandal).
Collyer Bristow describes below the measures; their likely effectiveness; timeframes for implementation; and possible developments thereafter.
The first announcement in the chancellor’s speech was a Fair & Effective Markets Review, to be conducted jointly by the Treasury, the Bank of England and the Financial Conduct Authority. The review will look at standards in three markets: fixed income, currencies and commodities. The chancellor hinted that laws pursuant to the review could be sweeping, with some requiring international agreement…
Click on the link below to read the rest of the Collyer Bristow briefing.
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Stephen Critchley and Robert Andrews describe what the alleged manipulation is; who may have suffered from it; and the ongoing investigations into it.
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