Mediafax (Mediafax)
World markets  |  February 03, 2012 11:40:06

Swiss antitrust authority is investigating 12 banks from the U.S., Europe and Japan due to the cartel


ZURICH (MEDIAFAX) - Swiss antitrust authority (COMCO) launched an investigation into 12 banks from the U.S., Europe and Japan because of possible cartel behavior. Informed on Friday by Reuters.

The banks are suspected of influencing interbank interest rates and conditions for trading in derivatives.

COMCO received information about possible unfair practices among traders in derivatives on the interbank LIBOR and TIBOR rates, which are used to set interest rates for securities worth hundreds of billions of dollars. Banks could illegally through these rates affect the conditions on the derivatives market.

The institutions are under investigation by Swiss antitrust authority and the two largest Swiss banks - UBS and Credit Suisse, as well as Bank of Tokyo-Mitsubishi UFJ, Citigroup, Deutsche Bank, HSBC Holdings, JP Morgan Chase & Co.., Mizuho Financial Group, Rabobank Groep, the Royal Bank of Scotland Group, Societe Generale and Sumitomo Mitsui Banking Corporation.

Tomáš Králíček, kralicek@mediafax.cz

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