- JPMorgan, HSBC, Credit Agricole “Bank Cartel” Fined $521 Million For Euribor Rigging
by Tyler Durden, www.zerohedge.com
With global bank stocks soaring on expectations – and hope – that financial sector regulation will be broadly swept away under Trump, today Europe did its best to show that, at least for now, the banks are not in the clear when the European Commission has fined JPMorgan, Credit Agricole and HSBC a total of €485 million ($521 million) for rigging the Euribor benchmark as European Union antitrust regulators wrapped up a five-year investigation into the scandal.
The three banks colluded on euro interest rate derivative pricing elements, and exchanged sensitive information, in breach of EU antitrust rules, the European Commission said on Wednesday in an e-mailed statement. JPMorgan was fined 337.2 million euros, HSBC got a 33.6 million-euro penalty and Credit Agricole must pay 114.7 million euros. Margrethe Vestager, the EU’s competition policy chief, said banks “have to respect EU competition rules just like any other company operating in the single market.”
Fine of €485 million to 3 banks – Credit Agricole, HSBC, JPMorgan Chase – for participating in cartel of euro interest rate derivatives.
— Margrethe Vestager (@vestager) December 7, 2016