Reuters - US Market News

REFILE-Swiss competition watchdog fines major banks over rate cartels

(Refiles to fix URL link in last paragraph)

Dec 21 The Swiss Competition Commission (COMCO) said on Wednesday it had fined several European and U.S. banks over four instances of interest rate cartels, the largest of which was a 33.9 million Swiss franc ($ 32.9 million) penalty for JPMorgan Chase & Co.

The JPMorgan fine came after COMCO concluded it operated a bilateral cartel with Royal Bank of Scotland (RBS) with the aim of influencing the Swiss franc LIBOR benchmark between March 2008 and July 2009, COMCO said in a statement.

RBS received full immunity for revealing the existence of the cartel to the COMCO.

Barclays was also fined 29.8 million francs for participating in a cartel in euro interest rate derivatives, COMCO said.

For full information on the COMCO decisions see here

($ 1 = 1.0282 Swiss francs) (Reporting by Joshua Franklin; Editing by Michael Shields)

Reuters: Market News

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