HALISTER: JPMorgan, HSBC, Credit Agricole Fined EU485.5m in Euribor Case

JPMorgan, HSBC, Credit Agricole Fined EU485.5m in Euribor Case

(Bloomberg) -- JPMorgan, HSBC and Credit Agricole are fined a total of EU485.5m by the European Commission for rigging the Euribor benchmark.
  • JPMorgan is fined EU337.2m
  • HSBC is fined EU33.6m
  • Credit Agricole is fined EU114.7m
  • The three banks colluded on euro interest rate derivative pricing elements, and exchanged sensitive information, in breach of EU antitrust rules, commission says in e-mailed statement
  • “Banks have to respect EU competition rules just like any other company operating in the Single Market,” EU Competition Commissioner Margrethe Vestager says
  • Euribor, the euro interbank offered rate, and a similar benchmark Libor, the London interbank offered rate, gauge banks’ estimated cost of borrowing over different periods of time. The rates are a benchmark used to calculate interest payments for financial products including mortgages.
  • SEE: JPMorgan, HSBC Said to Face EU Antitrust Fines Over Euribor NSN OGOZ076JIJV2
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
HSBA LN (HSBC Holdings PLC)
JPM US (JPMorgan Chase & Co)
ACA FP (Credit Agricole SA)
0629846D BB (European Commission)
BARC LN (Barclays PLC)

People
Christian Bittar (Deutsche Bank AG)
Margrethe Vestager (European Commission)
Michael Zrihen (Credit Agricole Corporate & Investment Bank SA)
Philippe Moryoussef (Nomura Holdings Inc)
Stephane Esper (Societe Generale SA)

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