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Regulators are focusing on at least four of Europe’s biggest banks as they investigate the attempted manipulation of the region’s benchmark interest rate, suspecting that Barclays’ traders were the ringleaders of a circle that included Crédit Agricole, HSBC, Deutsche Bankand Société Générale.
Evidence of links between traders at all four banks and Barclays’ former euroswaps trader Philippe Moryoussef is under scrutiny, people involved in the process have told the Financial Times.
The news comes in the wake of the clear-out of senior management at Barclays, after the bank paid a £290m fine to settle probes in the US and UK into its involvement in the attempted manipulation of the London interbank offered rate (Libor) and its European equivalent, Euribor.
The furor over the attempts to rig lending benchmarks has led to calls from policy makers around the world for an overhaul of the system that underpins $500 trillion of contracts globally — everything from arcane derivatives to standard home loans.
In its settlement with Barclays, the Commodity Futures Trading Commission, the US futures regulator, described 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."
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