European Union

UBS, Barclay's Avoid EU Fines, Were First to Report Interest Rate Collusion

According to the European Commission


UBS AG, Switzerland's biggest bank, and Britain's Barclays Plc escaped $4.3 billion in European Union antitrust penalties by being first to inform the watchdog of collusion to rig benchmark interest rates.

UBS, based in Zurich, dodged a 2.5 billion-euro ($3.4 billion) fine, while London-based Barclays avoided a 690 million-euro penalty, the European Commission said in a statement today. It fined six companies a record 1.7 billion euros for rigging euro and yen interest rate derivatives.