Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-05-19-Speech-2-327-250"
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"en.20150519.31.2-327-250"2
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"The manipulation of the Libor and foreign exchange benchmarks, as well as the alleged manipulation of other indices, has highlighted the importance of benchmarks and their vulnerabilities. In response to these revelations, the EU amended the Market Abuse legislation, to clarify that manipulation of benchmarks is illegal and to bring such conduct into the remit of criminal law.
However, a comprehensive approach to regulating benchmark manipulation has to go beyond the mere recognition of the illegality of such acts. It must also consider the macroprudential risks associated with the manipulation of widely—used benchmarks. Indeed, the continued extensive use of a limited number of very large benchmarks, even where the vulnerabilities and flaws of these benchmarks are known or suspected, underlines the importance of some benchmarks to the smooth functioning and stability of financial, commodities and other markets, as well as to the wider economy. These systemic considerations warrant and require additional legislative action, at least for the more widely-used benchmarks, to improve governance arrangements and mitigate conflicts of interest as well as other weaknesses."@en1
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