This article is from the source 'independent' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.independent.co.uk/news/business/banks-fine-rate-rigging-hsbc-jp-morgan-credit-agricole-interest-benchmark-a7460311.html

The article has changed 4 times. There is an RSS feed of changes available.

Version 0 Version 1
EU fines top banks £410m for rate rigging, including HSBC and JP Morgan EU fines top banks £410m for rate rigging, including HSBC and JP Morgan
(35 minutes later)
Credit Agricole, HSBC and JP Morgan have been fined for rigging the Euribor interest rate benchmark. Credit Agricole, HSBC and JP Morgan have been fined for rigging the Euribor interest rate benchmark as European Union antitrust regulators ended a five-year investigation into the scandal.
The European Commission's competition watchdog fined the banks "a total of €485m (£410m) for participating in a cartel in euro interest rate derivatives," according to a statement.  The European Commission's competition watchdog fined the banks a total of €485m (£410m) for participating in a cartel in euro interest rate derivatives, according to a statement. 
More follows In a statement the European Commission said the banks had colluded on euro interest rate derivative pricing elements, and exchanged sensitive information, in breach of antirust rules.
JP Morgan was fined €337.2m, HSBC got a €33.6m penalty and Credit Agricole must pay €114.7m.
The fines were set on the time they participated in the cartel and the value of products involved.
The three banks held out against a 2013 settlement with the European Commission that imposed almost €1bn of fines on Deutsche Bank, Société Générale and Royal Bank of Scotland.
US bank JP Morgan, which was hit with the heaviest fine, has left the door open to a possible appeal.
Jennifer Zuccarelli, JP Morgan spokeswoman, said: "We have cooperated fully with the European Commission throughout its five year investigation. We did not engage in any wrongdoing with respect to the EURIBOR benchmark. We will continue to vigorously defend our position against these allegations, including through possible appeals to the European courts.”
The decision is an example of the long shadow that still hangs over the industry from alleged misconduct during the years of the financial boom.
Commissioner Margrethe Vestager said: "A sound and competitive financial sector is essential for investment and growth."
"Banks have to respect EU competition rules just like any other company operating in the single market."
The Euribor case is one of many involving the complicated business of setting benchmark rates, such as the Libor or the Yen Libor, that are used everyday to set the price of a wide range of assets including mortgages or student loans
Several inquiries into rate-rigging have already resulted in €1.8bn in fines covering about 11 institutions in conspiracies to fix the Yen Libor, Swiss-Franc Libor and Euribor.
Earlier this year, four former Barclays traders were sentenced to as long as 6 1/2 years in prison for manipulating Libor.
Former UBS trader Tom Hayes is serving 11 years in prison for rigging Libor and in May an ex-Deutsche Bank broker received a record 4 1/2-year term for insider trading.