Press Release: Antitrust: Commission sends Statement of Objections to Crédit Agricole, HSBC and JPMorgan for suspected participation in euro interest rate derivatives cartel

On 20 May 2014, the European Commission informed Crédit Agricole, HSBC and JPMorgan of its preliminary view that they might had breached EU antitrust rules by colluding to influence the pricing of interest rate derivatives denominated in the euro currency. The sending of a statement of objections did not prejudge the final outcome of the investigation.

Interest rate derivatives were financial products which were used by banks or companies for managing the risk of interest rate fluctuations. These products were traded worldwide and played a key role in the global economy.

• Primary Source

ESO: Background information: Antitrust: Commission fines banks €1.71bn for participating in cartels in the interest rate derivatives industry http://www.europeansources.info/record/press-release-antitrust-commission-fines-banks-e1-71bn-for-participating-in-cartels-in-the-interest-rate-derivatives-industry/

ESO: Background information: Commission confirms inspections in suspected cartel in the sector of Euro interest rate derivatives http://www.europeansources.info/record/memo-antitrust-commission-confirms-inspections-in-suspected-cartel-in-the-sector-of-euro-interest-rate-derivatives/

European Commission: RAPID: STATEMENT/14/166: Statement on the euro interest rate derivatives case http://europa.eu/rapid/press-release_STATEMENT-14-166_en.pdf

EurActiv, 20.05.14: Commission charges HSBC, JPMorgan, Credit Agricole with rate-rigging http://www.euractiv.com/sections/euro-finance/commission-charges-hsbc-jpmorgan-credit-agricole-rate-rigging-302255

---