(Reuters) EU antitrust regulators are set to fine six global banks including Deutsche Bank, JPMorgan and HSBC after an investigation into the rigging of benchmark euro zone interest rates, a person familiar with the matter said on Tuesday.
The penalties, which will also target Royal Bank of Scotland (RBS), Credit Agricole and Societe Generale, represent the first punishments from Brussels as a result of its inquiry and are the latest costly payouts for an industry struggling to draw a line under past misdeeds.
The move comes two years after the European Commission, the EU's antitrust authority, raided a number of banks for suspected fixing of Euribor, a benchmark used as the basis for pricing 250 trillion euros ($338 trillion) of financial contracts, ranging from Spanish mortgages to complex derivatives.
Barclays, which alerted the European Commission to the suspected wrongdoing, will not be fined, the source said.
The penalties relate only to manipulation of Euribor. Banks suspected of rigging the London interbank offered rate, or Libor, could be fined next month when the Euribor penalties are announced, the source said.
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1 comments:
Fines/penalties must be more severe or they will keep doing it.
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