In March 2013, The Commission opened proceedings against Crédit Agricole, HSBC and JPMorgan. Since the banks refused to settle the Commission sent a statement of objections in May 2014. The Commission was concerned that banks have infringed competition law by colluding to influence the pricing of interest rate derivatives.
Euro Interest Rate Derivatives
In October 2011 the Commission conducted unannounced inspections at several banks. Four banks (Barclays, Deutsche Bank, RBS and Société Générale) admitted their participation in the EIRD cartel. On the 4 December 2013, the banks agreed to settle with the Commission and they were fined €1.04 billion. By engaging in discussions concerning the banks’ submissions for the calculation of the EURIBOR as well as their trading and pricing strategies, traders distorted the course of pricing components for derivatives.