RBS, HSBC to be fined by EU over alleged interest rate rigging

The Royal Bank of Scotland and HSBC are reportedly among six global banks set to be fined by European Union (EU) antitrust regulators for allegedly rigging benchmark Eurozone interest rates. JPMorgan, Deutsche Bank, Credit Agricole and Societe Generale are also facing penalties, a source told Reuters. The European Commission, the EU's antitrust authority, has raided a number of banks suspected of fixing Euribor, the benchmark used as the basis for pricing €250trn worth of financial contracts.Barclays had told the European Commission about suspected wrongdoing but will not be fined, the source said.Other banks suspected of LIBOR rigging could be fined next month, when the Euribor penalties are announced, the source added.RD