EC fines banks €1.7bn over benchmark rigging
Eight banks fined for participating in illegal cartels; UBS avoids €2.5 billion fine in exchange for co-operation
The European Commission has fined eight US and EU banks a total of €1.7 billion for participating in illegal cartels in the interest rate derivatives industry.
Four of the institutions participated in a cartel relating to euro interest rate derivatives. Six participated in one or more bilateral cartels relating to yen interest rate derivatives.
The euro cartel operated between September 2005 and May 2008. The settling parties are Deutsche Bank, RBS and Société Générale, who were fined €466
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