Bank of England Deputy Governor Minouche Shafik said benchmark rigging and other misconduct must be stamped out as the institution raised the prospect of extending bonus clawbacks to brokers and trading firms.
Describing the behavior of some traders as “truly shocking,” the head of markets and banking at the BOE said confidence in fixed income, currency and commodity markets has been damaged by “unacceptable abuses.”
Shafik spoke last night as the BOE published a consultation document on market regulation that included proposals on extending bonus restrictions and tougher capital rules for firms found guilty of conduct failings. The paper is part of the Fair and Effective Markets Review, the government’s response to allegations that traders rigged interest-rate and currency benchmarks, colluded on pricing and misled clients on products.
Bloomberg
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