The European Commission is proposing financial penalties for firms and individuals that rig the "critical benchmarks" shaping the global financial markets. The severity of these fines will depend on a range of factors, including the scale of the infringement and the size of the company concerned.

Financial News revealed yesterday that the EC wants to hand the region's super-regulator, the European Securities and Markets Authority, the power to levy the fines that could reach as high as €10m http://bit.ly/14cxnA5.