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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hsbc Holdings Plc | LSE:HSBA | London | Ordinary Share | GB0005405286 | ORD $0.50 (UK REG) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-4.10 | -0.61% | 663.60 | 663.10 | 663.20 | 668.40 | 662.30 | 666.50 | 19,944,415 | 16:35:14 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Offices-bank Holding Company | 65.91B | 23.53B | 1.2338 | 23.03 | 542.09B |
BRUSSELS—European Union antitrust authorities on Wednesday slapped HSBC Holdings PLC, J.P. Morgan Chase & Co. and Cré dit Agricole SA with fines worth a total of 485 million euros ($519.7 million) for colluding in the manipulation of a benchmark interest rate.
The European Commission, the bloc's competition regulator, said the banks breached EU antitrust rules by colluding on euro interest-rate derivative pricing and exchanging sensitive information.
Wednesday's announcement was the culmination of an EU cartel investigation that started around five years ago, and echoes the findings of U.S. and British regulators that have accused five financial institutions of widespread efforts to manipulate Libor and the euro interbank offered rate, or Euribor.
"Banks have to respect EU competition rules just like any other company operating in the single market," said EU antitrust chief Margrethe Vestager.
The EU had filed the formal charges against the three companies in 2014. The commission continued to investigate them after EU authorities in 2013 levied a €1.71 billion fine against several other financial companies, accusing them of operating cartels involving benchmark interest rates.
Cré dit Agricole, HSBC and J.P. Morgan Chase chose not to settle that cartel case, the commission said.
The EU hit J.P. Morgan with the largest fine, at around €337.2 million, followed by Cré dit Agricole, which was fined around €114.6 million. HSBC has been fined around €33.6 million.
The EU said it determined the individual fines based on the individual bank's value of sales for the products and the duration of each bank's participation in the cartel.
Write to Natalia Drozdiak at natalia.drozdiak@wsj.com
(END) Dow Jones Newswires
December 07, 2016 06:45 ET (11:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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