Antitrust: Commission fines banks € 1.71 billion for participating in cartels in the interest rate derivatives industry
EU News 502/2013
Brussels, 4 December 2013
The European Commission has fined 8 international financial institutions a total of € 1 712 468 000 for participating in illegal cartels in markets for financial derivatives covering the European Economic Area (EEA). Four of these institutions participated in a cartel relating to interest rate derivatives denominated in the euro currency. Six of them participated in one or more bilateral cartels relating to interest rate derivatives denominated in Japanese yen. Such collusion between competitors is prohibited by Article 101 of the Treaty on the Functioning of the European Union (TFEU) and Article 53 of the EEA Agreement. Both decisions were adopted under the Commission's cartel settlement procedure; the companies' fines were reduced by 10% for agreeing to settle.
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File Photo: Joaquín Almunia Date: 06/11/2013 Reference: P-024631/00-01 (C)EU, 2013 URL