European Union regulators have fined banks JPMorgan, HSBC and Credit Agricole a combined €484 million for colluding to manipulate the price of financial products linked to interest rates.

EU antitrust commissioner Margrethe Vestager said the banks illegally exchanged sensitive information and colluded to take profit in the market on the specialised financial products.

The EU fined JPMorgan Chase €337 million, France's Credit Agricole €114 million and London-based HSBC €33 million.

Three years ago, the antitrust regulators levied fines totalling €1.04 billion on Barclays, Deutsche Bank, RBS and Societe Generale as part of the same case.

The case covers manipulation of financial contracts linked to a benchmark interest rate called Euribor in the period 2005-2008.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.