EU regulators charge 3 banks with market fixingMay 21, 2014 - 10:33 AMT PanARMENIAN.Net - European Union regulators on Tuesday, May 20, charged banks JPMorgan, HSBC and Credit Agricole with colluding to manipulate the price of financial products linked to interest rates, the Associated Press reported. The European Commission's move is the first step in a legal dispute that can cost the banks dearly. The Commission's top competition regulator, Joaquin Almunia, said the banks will now have a chance to respond to the preliminary findings. If the Commission ultimately concludes they have broken the law, it can impose a fine of up to 10 percent of their annual revenue. In December 2013, the Commission levied fines totaling 1.04 billion euros ($1.42 billion) on Barclays, Deutsche Bank, RBS and Societe Generale as part of the same case, which covers financial derivatives linked to a benchmark interest rate called Euribor in the period 2005-2008. Barclays escaped fines for having notified the Commission of the existence of the cartel, and the others were granted a reduction in their fine for cooperating in a settlement. Almunia noted at a press conference in Brussels that the three banks cited Tuesday, which have not conceded wrongdoing or agreed to a settlement, will "in any case" not receive any reduction in penalty if they are ultimately fined. Photo: AP Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Russia to begin assessing migrant workers' speaking skills Rosobrnadzor is planning to change the Russian language exam for migrant workers and include an assessment of speaking skills Armenian, Saudi Foreign Minister meet in Riyadh The two commended the positive dynamics of the development of political dialogue between Armenia and Saudi Arabia Pashinyan: Azerbaijan’s proximity shouldn’t worry border residents At the same time, he said that he “does not guarantee [the security of villagers] one hundred percent”. U.S. doesn’t see Russia as contributing to peace in Caucasus Patel made the remarks when asked about the implications of Russia’s withdrawal of peacekeepers from Karabakh. |