JPMorgan Chase bears brunt as EU hits Euribor rigging holdouts with € 485m in fines
Paris — JPMorgan Chase, HSBC and Credit Agricole were fined a total of €485.5m for rigging the Euribor benchmark, as EU antitrust regulators wrapped up a five-year investigation into the scandal. The trio colluded to rig the Euribor rate and exchanged sensitive information to suit their trading positions in correlated derivatives markets, in breach of EU antitrust rules, the European Commission said on Wednesday in an e-mailed statement. JPMorgan was fined €337.2m, HSBC got a €33.6m penalty and Credit Agricole must pay €114.7m. “The participation in such schemes was very lucrative for the banks,” Margrethe Vestager, the EU’s antitrust commissioner, told journalists in Brussels, adding that it was very difficult to give an exact estimate of their profits. “Tiny movements of the Euribor rate can have a huge impact, given the trading volumes at stake.” The EU’s investigation into Euribor manipulation was strained three years ago after Credit Agricole, JPMorgan and HSBC refused to join ...
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