Bankers who manipulate forex markets, oil and gold benchmarks will face up to seven years in jail under new laws

George Osborne announced on Monday that the Government would extend legislation covering Libor to seven other major benchmarks, including the WM/Reuters 4pm London Fix - the dominant global benchmark in the $5.3 trillion-a-day currency market - and the ISDAFix for swap rates.

"The integrity of the City matters to the economy of Britain. Ensuring that the key rates that underpin financial markets here and around the world are robust, and that anyone who seeks to manipulate them is subject to the full force of the law, is an important part of our long term economic plan," the Chancellor said in a statement on Monday.

"That’s why the Government is determined to deal with abuses, tackle the unacceptable behaviour of the few and ensure that markets are fair for the many who depend on them."

Benchmarks that the new laws will cover:

• WM/Reuters 4pm London Fix

• Sterling Overnight Index Average (SONIA) and the Repurchase Overnight Index Average (RONIA), which serve as reference rates for overnight index swaps;

• ISDAFix - the principal global benchmark for swap rates and spreads for interest rate swap transactions.

• London Gold Fixing and the LMBA Silver Price

• ICE Brent index, which acts as the crude oil market’s principal financial benchmark.