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Nigel Cassidy

EU fines three banks over Euribor rate rigging

Nigel Cassidy
Original Broadcast:

Share Radio Breakfast on

EU fines three banks over Euribor rate rigging
The European Commission has fined Credit Agricole, HSBC and JP Morgan Chase a total of 485 million euros ($520 million) for their alleged participation in a cartel to manipulate the price of the Euribor financial benchmark. The Commission said on Wednesday they were part of a seven-bank cartel that colluded between September 2005 and May 2008 to distort the Euribor interest rate which was set using quotes submitted by a panel of banks and is widely used in international money markets. Ben Kumar, Investment Manager at Seven Investment Management, joined Share Radio to discuss.

Guests: Louise Cooper,Ben Kumar