EC fines banks €1.7bn over benchmark rigging

European commission

The European Commission has fined eight US and EU banks a total of €1.7 billion for participating in illegal cartels in the interest rate derivatives industry. Four of the institutions participated in a cartel relating to euro interest rate derivatives. Six participated in one or more bilateral cartels relating to yen interest rate derivatives. The euro cartel operated between September 2005 and May 2008. The settling parties are Deutsche Bank, RBS and Société Gén&ea