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Barclays Announces Antitrust settlement with the European Commission

The European Commission (the “Commission”) has today announced that it has reached a settlement with Barclays and a number of other banks in relation to anti-competitive conduct concerning Euribor. The settlement acknowledges that the banks’ conduct infringed EC competition law by attempting to distort the normal course of pricing components for interest rate derivatives referencing Euribor.

As today’s announcement from the Commission confirms, Barclays voluntarily reported the Euribor conduct to the Commission and cooperated fully with the Commission’s investigation. In recognition of this cooperation, Barclays has been granted full immunity from the financial penalties that would otherwise have applied.

The information reviewed by the Commission was also considered by the Financial Services Authority, the US Commodity Futures Trading Commission and the US Department of Justice as part of the public resolutions reached with those authorities in June 2012.

Barclays is not among the banks found by the Commission to have engaged in anti-competitive conduct relating to Japanese Yen Libor and is not party to the Commission’s settlement in that case, also announced today.