EU: Criminal Penalties for Interest Rate Rigging

11:30 AM ET Wed, 25 July 2012

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."