Banks Raided in EU Antitrust Probe Over Euribor Derivatives

[Dover]

Source: Bloomberg

Oct. 19 (Bloomberg) -- European Union regulators raided banks that offer financial derivatives linked to the euro interbank offered rate, saying they were investigating possible collusion.

The European Commission said it had “concerns that the companies concerned may have violated EU antitrust rules that prohibit cartels and restrictive business practices.” It didn't name the businesses involved.

The EU probe adds to earlier inquiries by the commission, U.K. and U.S. financial regulators into the possible breach of rules governing the Libor benchmark borrowing rate. Barclays Plc, HSBC Holdings Plc and Royal Bank of Scotland Group Plc have said they were quizzed by the EU earlier this year....





Read more: http://news.businessweek.com/article.asp?documentKey=1377-a0parvUr.O4Y-72PIA3M1RDE9901K0687JIM0KN

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Banks' Files Are Seized
WSJ

The European Commission seized documents from several major banks Tuesday, marking the escalation of a world-wide law-enforcement probe into how key interest rates are set, according to people familiar with the matter.

European officials are scrutinizing an interest rate called the Euro Interbank Offered Rate, or Euribor, people familiar with the situation said. Euribor, set by more than 40 banks, is a benchmark used to determine interest rates on trillions of euros worth of euro-denominated loans and debt instruments..cont'd

http://online.wsj.com/article/SB10001424052970203658804576639484062369102.html?mod=rss_whats_news_us.

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