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European Union antitrust regulators charged HSBC, JPMorgan and Credit Agricole on Tuesday with rigging financial benchmarks linked to the euro, exposing them to potential fines.
"The (European) Commission has concerns that the three banks may have taken part in a collusive scheme which aimed at distorting the normal course of pricing components for euro interest rate derivatives," the EU competition authority said. The three banks could face penalties of up to 10 per cent of their global turnover if found guilty of breaching EU antitrust rules.
