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EU: Interest rate manipulation probe extended to include Swiss franc

By  |  February 22, 2013

The European Commission announced Friday that its investigation into benchmark lending rate manipulation will now include a probe of interest rates used as a reference for Swiss franc, as well as euro and yen. Commissioner Joaquin Almunia made the remarks at a speech in Paris, adding that banks and brokers are suspected of forming cartels in the derivative markets. Almunia also emphasized the Commission’s focus on the Libor investigations and that fines from EU regulators will cover all companies at once, whereas banks have settled separately.

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