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EU: Criminal Penalties for Interest Rate Rigging

Wednesday, 25 Jul 2012 | 11:30 AM ET

Viviane Reding, EU commissioner for Justice, told CNBC, "We have a draft law on the table for market manipulation but we did not foresee the criminal abuse of interest rate rigging so we had to add this, and this will have a Europe wide definition of what this crime means and sanctions will need to be attached to it."