LONDON Feb 8 Banks may be forced to help
compile the Euribor interest rate benchmark under a draft law
the European Union's financial services chief will propose later
"The Commission will propose further legislation on
benchmarks in the second quarter of 2013 in order to further
clarify the framework under which benchmarks should operate,"
Michel Barnier said in a statement on Friday.
Regulators are cleaning up how Euribor and its related
benchmark, Libor, are compiled by banks after three lenders have
been fined for rigging them. Some banks are avoiding taking part
in the compilation process.
"Any banks considering withdrawing from the contributing
panels should therefore take into account that they may be
required to rejoin the panels," Barnier said.