Commission accuses Crédit Agricole, HSBC, JPMorgan of rigging

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The European Commission informed Crédit Agricole, HSBC and JPMorgan on Tuesday of its preliminary view that they may have breached EU antitrust rules by colluding to influence the pricing of interest rate derivatives denominated in the euro currency. The sending of a statement of objections does not prejudge the final outcome of the investigation.

“Today we are sending a statement of objection to three large international banks; Credit Agricole, HSBC and JP Morgan Chase. This is a further key step in our investigation into cartels in the financial sector. In the context of the same investigation the Commission has already imposed fines totalling €1.7 billion last December on eight international financial institutions.” EU Competition Commissioner Joaquin Almunia said.

 

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