Press Release: Antitrust: Commission settles cartel on bid-ask spreads charged on Swiss Franc interest rate derivatives; fines four major banks € 32.3 million

The European Commission found on 21 October 2014 that four international banks, RBS, UBS, JP Morgan and Crédit Suisse, operated a cartel on bid-ask spreads of Swiss franc interest rate derivatives in the European Economic Area (EEA). The Commission imposed fines worth a total of € 32 355 000. RBS received immunity from fines for revealing the existence of the cartel to the Commission. UBS and JPMorgan received reductions of their respective fines for cooperating with the investigation under the Commission's 2006 Leniency Notice. All four banks received a 10% reduction for agreeing to settle the case with the Commission.

European Commission: STATEMENT/14/330: Statement by Vice President Joaquín Almunia on 2 cartel decisions concerning Swiss Franc Related Derivatives http://europa.eu/rapid/press-release_STATEMENT-14-330_en.htm

Deutsche Welle, 21.10.14: EU hits major banks for rates rigging http://dw.de/p/1DZIY

ESO: Background information: Antitrust: Commission settles RBS-JPMorgan cartel in derivatives based on Swiss franc LIBOR; imposes € 61.6 million fine on JPMorgan http://www.europeansources.info/record/press-release-antitrust-commission-settles-rbs-jpmorgan-cartel-in-derivatives-based-on-swiss-franc-libor-imposes-e-61-6-million-fine-on-jpmorgan/

ESO: Background information: Antitrust: Commission sends Statement of Objections to Crédit Agricole, HSBC and JPMorgan for suspected participation in euro interest rate derivatives cartel http://www.europeansources.info/record/press-release-antitrust-commission-sends-statement-of-objections-to-credit-agricole-hsbc-and-jpmorgan-for-suspected-participation-in-euro-interest-rate-derivatives-cartel/

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