Antitrust: Commission fines Crédit Agricole, HSBC and JPMorgan Chase € 485 million for euro interest rate derivatives cartel

The European Commission announced on 7 December 2016 its decision to fine Crédit Agricole, HSBC and JPMorgan Chase, an amount of € 485 million for taking part in a cartel in euro interest rate derivatives.

The fined banks conspired on euro interest rate derivative pricing elements, and exchanged sensitive information, in breach of European Union antitrust rules.

The Commission had already stated its preliminary views on this case in May 2014.

European Commission: STATEMENT/16/4307, 07.12.16: Statement by Commissioner Vestager on decision to fine Crédit Agricole, HSBC and JPMorgan Chase € 485 million for euro interest rate derivatives cartel http://europa.eu/rapid/press-release_STATEMENT-16-4307_en.htm

Politico, 07.12.16: Margrethe Vestager hits 3 banks with €485 million in fines http://www.politico.eu/article/margrethe-vestager-hits-3-banks-with-e485-million-in-fines/

The Guardian, 07.12.16: HSBC, JP Morgan and Crédit Agricole fined €485m by EU https://www.theguardian.com/business/2016/dec/07/hsbc-jpmorgan-credit-agricole-fined-eu-euribor

The Independent, 07.12.16: EU fines top banks £410m for rate rigging, including HSBC and JP Morgan http://www.independent.co.uk/news/business/news/banks-fine-rate-rigging-hsbc-jp-morgan-credit-agricole-interest-benchmark-a7460311.html

BBC News, 07.12.16: Banks fined £413m over euro rate rigging http://www.bbc.co.uk/news/business-38235845

The New York Times, E.U. Fines Three Banks About $520 Million for Interest Rate Collusion http://www.nytimes.com/2016/12/07/business/dealbook/europe-fine-euribor-jpmorgan-hsbc-credit-agricole.html

Deutsche Welle, 07.12.16: EU fines bank cartel for rigging Euribor rate http://dw.com/p/2Tt60

EurActiv, 07.12.16: Commission fines banks €485 million for derivatives cartel http://www.euractiv.com/section/all/news/commission-fines-banks-e485-million-for-derivatives-cartel/

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