EC Fines Firms Over Rates Derivatives Manipulation

The European Commission has fined Deutsche Bank, Société Générale, Royal Bank of Scotland, JPMorgan, Citigroup and RP Martin a combined total of EUR1.71 billion as part of an investigation into manipulation of the interest rate derivatives market. UBS avoided a fine of EUR2.5 billion, while Barclays avoided a fine of EUR690 million, as both received full immunity under the 2006 Leniency Notice for revealing the existence of the so-called cartel to the Commission.