Two US banks are among eight financial institutions that have settled with European regulators for creating an illegal cartel in financial derivatives.

Duration

The EIRD cartel operated between September 2005 and May 2008, the European Commission said. “The cartel aimed at distorting the normal course of pricing components for these derivatives. Traders of different banks discussed their bank's submissions for the calculation of the EURIBOR as well as their trading and pricing strategies.” 

The YIRD cartel, meanwhile, was revealed when the European Commission uncovered seven distinct bilateral infringements lasting between one and 10 months in the period from 2007 to 2010.