Tags: EU | Switzerland | Banks | Fined

Switzerland Fines Banks for Cartels on Rates, Derivatives

Wednesday, 21 December 2016 06:12 AM EST

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 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Europe
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...
EU,Switzerland,Banks,Fined
133
2016-12-21
Wednesday, 21 December 2016 06:12 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved