Euribor Is Not The European Union’s Equivalent Of Anything

Two blokes who tried to fiddle Euribor have been sentenced to substantial jail terms.

Good.

The more impersonal markets are – and there’s little quite as impersonal as a futures and swaps market – the more trust in the basics of the system is important. People who breach that shouldn’t be punished because they’re bad ‘uns. Or not solely at least. Nor because they make a bit of money on the side. Especially as those who lose out will be other traders in the same market most of whom are trying to do the same thing.…

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