EU Fines Three Major Banks Over Euribor Rate Rigging

EU fines three major banks over Euribor rate rigging

BRUSSELS, Dec 7, (Pakistan Point News - APP - 07th Dec, 2016 ) - The EU's top anti-trust regulator on Wednesday slapped fines on banks HSBC, JP Morgan and Credit Agricole for rigging the Euribor interest rate benchmark used for a wide range of financial instruments. The European Commission, the EU's executive arm, fined the banks "a total of 485 million Euros ($520 million) for participating in a cartel in euro interest rate derivatives," according to a statement.