first_imgTuesday 21 October 2014 9:11 pm Top banks fined after Libor manipulation whatsapp THREE banks were yesterday fined after traders tried to manipulate Swiss franc derivatives and Libor, the European Commission announced.It is not thought that any cust­omers were actually harmed by the attempts to rig the market.UBS was fined €12.65m (£10m), JP Morgan €10.53m and Credit Suisse €9.17m over claims traders attempted to manipulate the spread on derivative products.RBS would have been fined €5m, but was given immunity for flagging up the problem to regulators.“Following discussions with the EU Commission, Credit Suisse has decided to settle this case, which relates to bid-offer spreads charged on short-term interest rate derivatives, in order to avoid lengthy legal proceedings,” said a Credit Suisse spokesman.JP Morgan was also fined €61.68m for alleged attempts to manipulate Swiss franc Libor. RBS would have been fined €110m, but again given immunity for whistleblowing.“RBS condemn the behaviour by a small number of employees identified in today’s announcement by the European Commission,” said RBS in a statement.“These offences were unacceptable and have no place in the RBS we are building. Once they were uncovered, management took swift action to notify our European competition regulator with the aim of quickly resolving this matter.”The settlements came after the EC’s wider investigation into Libor, which concluded late last year.Swiss regulators are still looking into claims of manipulation of the key interest rate benchmark. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Tags: NULL whatsapp Show Comments ▼ Share Tim Wallace last_img

Comments

Leave a Reply

Your email address will not be published. Name and email are required