Switzerland fines banks for cartels on rates, derivatives

Save Story
Leer en español

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

FRANKFURT, Germany (AP) — The Swiss competition authority Comco has entered into settlements with several big banks over cartels that distorted the trading of financial derivatives based on common interest rate benchmarks.

Comco said Wednesday that in the largest settlement it levied fines of 45.3 million Swiss francs ($43.9 million): 29.7 million against Barclays, 12.3 million against RBS, and 3.2 million against Societe General.

Deutsche Bank took part but was not fined due to its cooperation with the authorities in the investigation.

Comco said the cartel aimed at distorting normal pricing for financial instruments based on euro interest rates and that bankers discussed their submissions used to calculate the Euribor interest rate benchmark.

Other settlements were reached with varying groups of banks over cartels related to derivatives and benchmarks in Swiss francs and yen.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Most recent World stories

Related topics

The Associated Press


    Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the KSL.com Trending 5.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast