EC fines banks €1.7bn over benchmark rigging
Eight banks fined for participating in illegal cartels; UBS avoids €2.5 billion fine in exchange for co-operation
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
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