EU companies in search of the Euribor

While the debt crisis in full swing and the European Union - or at least the euro area - appears to be on the verge of bankruptcy, the European Commission tries to make the household among the speculators and "arrangements between friends." The current situation also appears to arise largely from certain financial transactions that some would not Catholic. The European Commission said Wednesday it had raided the eve of the financial companies’ active in derivatives on the benchmark inter-bank euro (Euribor). This indeed suspects that a cartel has been established.

"The Commission is concerned that the companies concerned were able to violate the antitrust rules that prohibit cartels and restrictive business practices," the Commission said in a statement ... without naming the main question. The Commission does not specify whether the inspections were carried out on its own initiative or upon the termination of the cartel by one of its participants.

Recall that the Euribor is, for a given maturity, the fixing calculated each business day at 11am French time, published by the Banking Federation of the European Union (FBE), an average rate at which a sample of 57 large banks established in Europe lend in white (that is to say that without the loan is pledged by securities) to other banks.

Following the release of the Commission, Euribor-EBF was ready to share its data with the authorities.
Cedric Quemeneur, director of Euribor-EBF, institution that compiles the interbank rate also reported apartheid 'confidence in the management of the Euribor. ""With the number of banks that are involved in determining the rate, determine the rate artificially would be impossible. I think the Commission is not familiar with how the reference rates are determined. We are ready to help, "he told Reuters.

According to sources familiar with the matter based in Frankfurt, the offices of Deutsche Bank in London would be part of institutions searched by investigators from the European Commission.