Press Release: Antitrust: Commission fines banks €1.71bn for participating in cartels in the interest rate derivatives industry

On 4 December 2013 the European Commission fined 8 international financial institutions a total of €1.7bn for participating in illegal cartels in markets for financial derivatives covering the European Economic Area. Four of these institutions participated in a cartel relating to interest rate derivatives denominated in the euro currency. Six of them participated in one or more bilateral cartels relating to interest rate derivatives denominated in Japanese yen.

• Primary Source

European Commission: RAPID: Memo, MEMO/13/1090: Antitrust: Commission fines banks € 1.71 billion for participating in cartels in the interest rate derivatives industry - frequently asked questions http://europa.eu/rapid/press-release_MEMO-13-1090_en.pdf

EurActiv, 04.12.13: EU regulators to fine 5 banks for rate rigging http://www.euractiv.com/euro-finance/eu-regulators-fine-5-banks-rate-news-532112

BBC News, 04.12.13: EU fines banks over rate-rigging http://www.bbc.co.uk/news/business-25215560

Deutsche Welle, 04.12.13: EU slaps record fine on banks for benchmark rigging http://www.dw.de/eu-slaps-record-fine-on-banks-for-benchmark-rigging/a-17270078

European Commission: RAPID: Speech, SPEECH/13/1020: Introductory remarks on cartels in the financial sector http://europa.eu/rapid/press-release_SPEECH-13-1020_en.pdf

EurActiv, 04.12.13: Libor/Euribor bank cartel hit with largest Commission fine http://www.euractiv.com/euro-finance/liboreuribor-bank-cartel-hit-lar-news-532118

EUObserver, 04.12.13: Banks to pay out €1.7 billion in rate-fixing scandal http://euobserver.com/news/122349

Spiegel Online International, 04.12.13: Rate Scandal: Deutsche Bank's First Big Fine Won't Be Its Last http://www.spiegel.de/international/business/deutsche-bank-ordered-to-pay-big-fine-in-rate-fixing-scandal-a-937260.html

Handelsblatt, 05.12.13: ‘Banks’ bogeyman’ (via PressEurop) http://www.presseurop.eu/en/content/news-brief/4378671-banks-bogeyman

Deutsche Welle, 05.12.13: Guilt is not one of their strengths http://dw.de/p/1ATq0

Euro|Topics, 05.12.13: EU imposes record fine on major banks http://www.eurotopics.net/en/home/presseschau/aeltere/NEWSLETTER-2013-12-05-EU-imposes-record-fine-on-major-banks

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