Press Release: Antitrust: Commission settles RBS-JPMorgan cartel in derivatives based on Swiss franc LIBOR; imposes € 61.6 million fine on JPMorgan

The European Commission found on the 21 October 2014 that two international banks, RBS and JP Morgan, participated in an illegal bilateral cartel aimed at influencing the Swiss franc Libor benchmark interest rate between March 2008 and July 2009. Such collusion was prohibited by EU antitrust rules. The banks agreed to settle the case with the Commission under a simplified procedure. RBS received immunity from fines for revealing the existence of the cartel to the Commission. JPMorgan was fined € 61 676 000 after benefitting from a reduction of its fine for its cooperation with the investigation under the Commission's 2006 Leniency Notice, as well as 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 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/

ESO: Background information: Antitrust: Commission settles cartel on bid-ask spreads charged on Swiss Franc interest rate derivatives; fines four major banks € 32.3 million http://www.europeansources.info/record/press-release-antitrust-commission-settles-cartel-on-bid-ask-spreads-charged-on-swiss-franc-interest-rate-derivatives-fines-four-major-banks-e-32-3-million/

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