Osborne: Traders who rig markets will face jail

The Chancellor is set to announce plans to clamp down on traders who manipulate markets, while establishing a review of how these markets operate.

In his Mansion House speech later today, George Osborne (pictured) is expected to propose making the manipulation of foreign currency markets by banks a criminal offence, the BBC reports. He plans to extend the legislation used to deal with LIBOR interest rate-fixing to the currency, commodities, and fixed income markets. His speech will come as the government announces a joint review into the way wholesale financial markets work, in reaction to serious allegations of misconduct. This will be led by the Bank of England, the Financial Conduct Authority, and the Treasury. The review...