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EU banks may have colluded to set interest rate derivatives |
European
antitrust officials have raided several banks in various EU countries as part
of an investigation into suspicions of collusion in the financial derivatives
sector.
The
European Commission said Wednesday it has launched an antitrust probe into
several European banks following allegations of interest rate manipulation.
Antitrust
officials conducted unannounced inspections at several banks as part of the
investigation that began Tuesday. The EC is looking into allegations that the
banks may have colluded to manipulate euro interest rate derivatives.
"The
Commission has concerns that the companies ... may have violated EU antitrust
rules that prohibit cartels and restrictive business practices," the EU
executive said in a statement.
The banks
involved are part of a group of 44 banks that set the Euro Interbank Offered
Rate (Euribor) based on the interest rates they charge for lending to other
financial institutions. The Commission did not name the companies that had been
raided.
The Euribor
sets the value of derivatives that are worth trillions of euros.
Author:
Holly Fox (AFP, AP, dpa)
Editor:
Martin Kuebler.
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