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FEB 22, 2013 - New Statesman

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EC extends 18-month antitrust investigation

Yen and euro interbank rates looked into. The European Commission (EC) has extended its 18-month antitrust investigation into yen and euro interbank rates to include Swiss franc-denominated swaps. With this extension, banks and broker-dealers involved in the Libor scam may face regulatory threat to settle with the commission. The EC can impose a maximum penalty equivalent to 10 per cent of a company’s global turnover for each case it is found to be involved with, according to the Financial Times (FT). In addition, a bank found involved in all three rate-fixing cases may face fines of ... Read More

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