The EU wrapped up a five-year investigation Wednesday, which concluded in major fines for JP Morgan, Credit Agricole, and HSBC Holdings a total of $739 million for rigging the Eurobor benchmark, The Straits Times reports.

The three colluded on Euro interest rate derivative pricing elements, and violated EU antitrust laws by exchanging sensitive information, the European Commission stated via email, reports The Straits Times.

The fines were not all equal. Leading the way in fines&nbsp;was JPMorgan with 337.2 milllion euros, followed by Credit Agricole with 114.7 milllion euros and&nbsp;HSBC with 33.6 million euros, The Straits Times reports.

&quot;Banks have to respect the EU competition rules just like any other company operating in the single market,&quot; said the EU&#39;s antitrust commissioner, Ms Margrethe Vestager, according to the Straits Times.

The three lenders refused the opportunity to settle the case with the commission, forfeiting the change to receive a 10 per cent discount on any fines, the Straits Times reports.

The other four major banks that did settle the Euro Interbank Offered&nbsp;Rate (Euribor) case were accused of sharing through various mediums sensitive trading information, and working together to push the benchmark rate up or down depending on what most benefitted their trading positions.

London Interbank Offered Rate (Libor) and Euribor gauge banks&#39; estimated costs of borrowing money over various spans of time. These rates establish the benchmark&nbsp;used to calculate interest payments for trillions of euros of financial products, including mortages, the Straits Times reports.

(WION)

These rates establish the benchmark used to calculate interest payments for trillions of euros of financial products, including mortages

The EU wrapped up a five-year investigation Wednesday, which concluded in major fines for JP Morgan, Credit Agricole, and HSBC Holdings a total of $739 million for rigging the Eurobor benchmark, The Straits Times reports. The three colluded on Euro interest rate derivative pricing elements, and violated EU antitrust laws by exchanging sensitive information, the European Commission stated via email, reports The Straits Times. The fines were not all equal. Leading the way in fines was JPMorgan with 337.2 milllion euros, followed by Credit Agricole with 114.7 milllion euros and HSBC with 33.6 million euros, The Straits Times reports. "Banks have to respect the EU competition rules just like any other company operating in the single market," said the EU's antitrust commissioner, Ms Margrethe Vestager, according to the Straits Times. The three lenders refused the opportunity to settle the case with the commission, forfeiting the change to receive a 10 per cent discount on any fines, the Straits Times reports. The other four major banks that did settle the Euro Interbank Offered Rate (Euribor) case were accused of sharing through various mediums sensitive trading information, and working together to push the benchmark rate up or down depending on what most benefitted their trading positions. London Interbank Offered Rate (Libor) and Euribor gauge banks' estimated costs of borrowing money over various spans of time. These rates establish the benchmark used to calculate interest payments for trillions of euros of financial products, including mortages, the Straits Times reports. (WION)

EU fines JP Morgan, HSBC Holdings, Credit Agricole $739 million for rate-rigging

JPMorgan&nbsp;Chase &amp; Co could be forced to move thousands of staff out of Britain if the country loses its automatic right to sell financial services to the European Union after last month&#39;s Brexit vote, bank CEO Jamie Dimon told an Italian newspaper.

Currently, banks based in the UK can sell services freely across the EU under a &quot;passporting&quot; system, considered the most significant feature of the EU single market for financial firms. But that is now in doubt after Britons voted to leave the bloc.

&quot;The key issue is the &#39;passport rule&#39; that we have in London and allows us to provide services to clients in the European Union,&quot; Il Sole 24 Ore quoted Dimon as saying on Thursday.

&quot;However, if the EU imposes new conditions on Britain, the worst-case scenario is we would have to move some thousands of employees to other branches in the Euro zone,&quot; Dimon said.

JPMorgan&nbsp;has 16,000 employees in Britain. Its European headquarters are in London and the bank has offices in the English coastal city of Bournemouth as well as in Scotland.

Those locations helped&nbsp;JPMorgan&nbsp;produce $14.2 billion worth of revenue last year from operations across Europe, the Middle East and Africa.

(Reuters) 
 
&nbsp;

The company has said that if the EU imposes new rules on Britain it would move thousands of employees to branches in other Euro zone

JPMorgan Chase & Co could be forced to move thousands of staff out of Britain if the country loses its automatic right to sell financial services to the European Union after last month's Brexit vote, bank CEO Jamie Dimon told an Italian newspaper. Currently, banks based in the UK can sell services freely across the EU under a "passporting" system, considered the most significant feature of the EU single market for financial firms. But that is now in doubt after Britons voted to leave the bloc. "The key issue is the 'passport rule' that we have in London and allows us to provide services to clients in the European Union," Il Sole 24 Ore quoted Dimon as saying on Thursday. "However, if the EU imposes new conditions on Britain, the worst-case scenario is we would have to move some thousands of employees to other branches in the Euro zone," Dimon said. JPMorgan has 16,000 employees in Britain. Its European headquarters are in London and the bank has offices in the English coastal city of Bournemouth as well as in Scotland. Those locations helped JPMorgan produce $14.2 billion worth of revenue last year from operations across Europe, the Middle East and Africa. (Reuters)

JPMorgan could move thousands of staffers out of UK: Report

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