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Regulators probe four EU banks over rate rigging

Mervyn King Bank of England TSC

Four of Europe’s largest banks including Crédit Agricole, HSBC, Deutsche Bank and Société Générale are being investigated over the rate rigging scandal, according to reports.

The Financial Times says there is evidence that there are links between traders at the four banks and Barclays, which was fined £290m last month for manipulating Libor and the European equivalent Euribor.

It says regulators are investigating a former Barclays euroswaps trader and his dealings with traders at the other banks.

The FT quotes the US futures regulator, the Commodity Futures Trading Commission’s settlement with Barclays, which describes an unnamed trader as having “orchestrated an effort to align trading strategies among traders at multiple banks […] in order to profit from their futures trading positions”.

Bank of England governor Mervyn King (pictured) has written to the world’s leading central banks inviting them to a dinner in Switzerland on September 9 to discuss proposals for reform of Libor rules.

Yesterday, US Treasury Secretary Timothy Geithner said reforming Libor must be a multinational effort and should not be left to Britain.

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