Top U.K. investment bankers were paid an average of 1.95 million euros ($2.65 million) in 2012, as bonuses continued to exceed caps set to take effect next year, according to the European Union banking regulator.
High-frequency traders and other investors may face punitive fees when they create market volatility by placing excessive numbers of canceled orders under European Union plans to clamp down on market abuse.
Mark Carney, the next Bank of England governor, said global regulators will set up a task force with banks in a bid to repair or replace tarnished benchmarks in the wake of Libor and other rate-rigging scandals.
Commodity brokers, facing a loss of business from a shift of derivatives trading onto exchanges, are seeking a reprieve under European proposals letting them maintain control of less transparent niche markets.
Enron Corp.’s 2001 collapse revealed the extent of its manipulation of spot gas prices. Twelve years later, European Union regulators may discover energy traders never learned the lessons of the scandal.
Bankers and traders found guilty of rigging benchmark rates from Libor to oil would face tougher fines and other sanctions in the future under a deal reached by the European Union to overhaul its penalties for market abuse.
Martin Wheatley, the top U.K. markets regulator, criticized a European Union cap on banker bonuses as the bloc’s banking watchdog prepares to expand the limits to thousands more financial-industry employees.
The U.K. Serious Fraud Office opened a criminal probe into the attempted rigging of interest rates that led to a record fine against Barclays Plc, adding to pressure on banks already under investigation by regulators around the globe.