The same day, RBS, UBS, JP Morgan and Crédit Suisse were also fined € 32,355,000 but on different grounds. The Commission found that the banks operated a cartel on bid-ask spreads of Swiss franc interest rate derivatives in the European Economic Area. "Bid-ask spread" is the difference between the price at which a market maker is willing to sell and to buy a given product.
Swiss Franc Derivatives
On the 21 October 2014, the Commission imposed fines totaling €61.6 million on RBS and JP Morgan Chase. The Commission has found that the banks took part in a bilateral cartel to influence the Swiss franc Libor benchmark interest rate between March 2008 and July 2009 by discussing future rate submissions and exchanging information relating to positions and intended prices.