Another headline on rate fixing this time on Euribor. Euribor is a cousin to Libor, which is used to set trillions of dollars of financial contracts from complex financial transactions to car loans.
The European Commission has accused JPMorgan, HSBC and Credit Agricole of colluding to fix a key euro benchmark borrowing rate - Euribor. JP Morgan and HSBC will fight the charges. Credit Agricole will study the European Commission's findings. Penalties for the guilty are up to 10% of annual revenue.