European Union negotiators struck a deal early on November 25 on new, tougher rules for market benchmarks such as the London interbank offered rate, aimed at restoring confidence in key indexes in the wake of a series of manipulation scandals.

The rules were first proposed in 2013 by the European Commission - the EU's executive arm - with the aim of making benchmarks such as Libor, Euribor and those for foreign exchange and commodities more robust and reliable.