New powers help in Libor investigation, Chilton says
CFTC commissioner Bart Chilton is determined to smoke out the financial wrongdoers who attempt to manipulate markets – and he is using the recent Libor fixing case as a test of the CFTC’s new powers under the Dodd-Frank Act. High-frequency traders and jurisdiction shopping are also on his radar
Commissioner Bart Chilton of the Commodity Futures Trading Commission (CFTC) has been a busy man of late. June saw the CFTC, along with the UK Financial Services Authority and the US Department of Justice, levy a record penalty of $450 million on Barclays, for attempts at fixing Libor and Euribor – the rates at which banks lend to each other. News of the fine re-ignited the arguments around
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