The financial sector cannot be trusted to self regulate. Fines have proved ineffective and have not changed the culture in the banking industry.
We are therefore extending the law to, for the first time, impose tough EU wide criminal sanctions and jail time.
It will cover all benchmarks and indices as the Libor manipulation shows that abuse is still rife in the banking sector.
More top news
The historic moment was watched by 500 people in the Church in Wales who cheered after the ceremony.
A cold night ahead, with frost and fog for some
Protesters across Europe and the rest of the globe held women's marches following the inauguration of President Trump.