EU Charges Three Major Banks With Euro Mishandling
- Written by Maria Athens
Today, European Union antitrust administrators charged Europe's largest financial institution HSBC, United States colleague J.P. Morgan and French bank Credit Agricole, with rigging financial criteria associated with the euro, that did not protect the currency from possible fines.
Additionally, the European Union announced it would hold broker ICAP responsible too, regarding a likely yen Libor mishandling. As reported by Kathimerini, a EU delegate described: "The Commission has concerns that the three banks may have taken part in a collusive scheme which aimed at distorting the normal course of pricing components for euro interest rate derivatives".
The three leading banks along with ICAP, may suffer up to 10% in penalties, if they are found guilty of not following EU antitrust regulations. Credit Agricole claimed it would study the charges, while J.P. Morgan said they didn't hold any merits.
Regarding ICAP, European Commissioner Joaquin Almunia stated at a news conference: "In the coming days or weeks, we will probably issue a new statement of objections against the broker (ICAP)".
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