Seven banks and one broker may have stumped up £1.2 billion ($US1.9 billion) in a collective fine in December 2013 for Euribor market manipulation but the nightmare for some of the traders involved in the scandal is not over.
The European Commission fined Barclays, Deutsche Bank, Société Générale, RBS, UBS, JPMorgan, Citigroup and brokerage RP Martin in 2013 for rigging the interbank lending rate in Europe and London- Euribor and Libor.
In a statement at the time, the EC promptly identified two separate illegal cartels.
Out of that group of eight financial institutions, Barclays, Deutsche, Société Générale and RBS were accused of operating one of the cartels between September 2005 and May 2008.
“What is shocking about the Libor and Euribor scandals is not only the manipulation of benchmarks, which is being tackled by financial regulators worldwide, but also the collusion between banks who are supposed to be competing with each other,” said Joaquín Almunia, Commission Vice-President in charge of competition policy, at the time.
Now, according to a report in the Financial Times, Britain’s Serious Fraud Office is calling former traders of Barclays and Deutsche Bank in for interviews related to Euribor rigging.
Citing unnamed sources, the FT said the SFO and another UK regulator is investigating a number of banks for Euribor market manipulation. The report did not identify which of the banks’ former traders are being targeted for questioning.
The SFO and Barclays declined to comment. Deutsche Bank did not immediately reply to Business Insider by the time of publication.