Press Release: Antitrust: Commission fines banks €1.71bn for participating in cartels in the interest rate derivatives industry

Author (Corporate)
Series Title
Series Details IP/13/1208 (04.12.13)
Publication Date 04/12/2013
Content Type

On 4 December 2013 the European Commission fined 8 international financial institutions a total of €1.7bn for participating in illegal cartels in markets for financial derivatives covering the European Economic Area. Four of these institutions participated in a cartel relating to interest rate derivatives denominated in the euro currency. Six of them participated in one or more bilateral cartels relating to interest rate derivatives denominated in Japanese yen.
Source Link Link to Main Source http://europa.eu/rapid/press-release_IP-13-1208_en.htm
Related Links
European Commission: RAPID: Memo, MEMO/13/1090: Antitrust: Commission fines banks € 1.71 billion for participating in cartels in the interest rate derivatives industry - frequently asked questions http://europa.eu/rapid/press-release_MEMO-13-1090_en.pdf
EurActiv, 04.12.13: EU regulators to fine 5 banks for rate rigging http://www.euractiv.com/euro-finance/eu-regulators-fine-5-banks-rate-news-532112
BBC News, 04.12.13: EU fines banks over rate-rigging http://www.bbc.co.uk/news/business-25215560
Deutsche Welle, 04.12.13: EU slaps record fine on banks for benchmark rigging http://www.dw.de/eu-slaps-record-fine-on-banks-for-benchmark-rigging/a-17270078
European Commission: RAPID: Speech, SPEECH/13/1020: Introductory remarks on cartels in the financial sector http://europa.eu/rapid/press-release_SPEECH-13-1020_en.pdf
EurActiv, 04.12.13: Libor/Euribor bank cartel hit with largest Commission fine http://www.euractiv.com/euro-finance/liboreuribor-bank-cartel-hit-lar-news-532118
EUObserver, 04.12.13: Banks to pay out €1.7 billion in rate-fixing scandal http://euobserver.com/news/122349
Spiegel Online International, 04.12.13: Rate Scandal: Deutsche Bank's First Big Fine Won't Be Its Last http://www.spiegel.de/international/business/deutsche-bank-ordered-to-pay-big-fine-in-rate-fixing-scandal-a-937260.html
Handelsblatt, 05.12.13: ‘Banks’ bogeyman’ (via PressEurop) http://www.presseurop.eu/en/content/news-brief/4378671-banks-bogeyman
Deutsche Welle, 05.12.13: Guilt is not one of their strengths http://dw.de/p/1ATq0
Euro|Topics, 05.12.13: EU imposes record fine on major banks http://www.eurotopics.net/en/home/presseschau/aeltere/NEWSLETTER-2013-12-05-EU-imposes-record-fine-on-major-banks
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