European Union lawmakers have pledged rapid approval of a draft EU law to regulate market benchmarks such as LIBOR, though they sparred over how comprehensive the new regime should be. Big fines for Barclays and other banks over the past 18 months for rigging interest rate benchmarks such as the London Interbank Offered Rate or LIBOR, prompted the European Union to propose the rules to supervise such indexes for the first time.The draft law proposes that an administrator is appointed to oversee how each major benchmark is compiled, ensuring there is a record of who contributed to it. …