Market Manipulation Should Be a Crime

摘要

Amid a spate of scandals over the rigging of financial benchmarks for commodities, currencies, interest rates, and other things, the British government is making a bold move to restore confidence: By the end of this year, it plans to make manipulation a criminal offense in all the affected markets. The U.K.'s plan-aimed at maintaining London's role as a major financial center-raises some questions. Can't investors look out for themselves? Shouldn't tweaking the way markets are designed, combined with the risk of damaged reputations, suffice to keep traders in line? No and no.