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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.
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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.
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