The Swiss Competition Commission has concluded most of the investigation into Libor manipulation and imposed substantial fines against several Swiss and foreign banks. UBS remains under investigation.

COMCO, Switzerland's competition commission, has concluded its investigation into four cases of Libor manipulations, the authority said in four separate statements today. A number of Swiss and foreign banks have been ordered to pay fines totaling 100 million Swiss francs.

UBS, Deutsche Bank, Barclays, Royal Bank of Scotland (RBS), J.P. Morgan and others agreed to fix several Libor rates in 2005 to 2009 and in the case of Credit Suisse (CS) the franc spread as well.

The commission said the banks had created cartels to manipulate the spread on franc derivatives and franc Libor, Yen Libor and Euribor.

  • Euribor

The manipulation of the Euribor was the most active, Comco said. It issued fines of 45.3 million francs. Barclays has to pay 29.8 million, RBS 12.3 million, Societe Generale 3.3 million francs.

«The cartel aimed at distorting the normal course of pricing components for interest rate derivatives in euro,» Comco said today.

  • Franc Libor

U.S. bank J.P. Morgan has to pay 33.9 million francs for its involvement in the manipulation of the franc Libor. RBS escaped a fine because it helped the enquiry with information.

  • Yen Libor

In the case of the Yen Libor cartel, the commission ordered the payment of 14.4 million francs in fines. Citigroup was fined 3.8 million, Deutsche Bank has to pay 5 million, J.P. Morgan 1.7 million and RBS 3.9 million.

UBS was also part of the manipulations, Comco said. The investigation against Switzerland's biggest bank as well as against several other banks continues. The other banks include HSBC, Lloyds, Rabobank as well as Interdealer/Cash Broker ICAP, RP Martin and Tullett Prebon.

  • Franc Spread

UBS and CS were members of the franc spread cartell. UBS escaped a fine because it delivered information. CS however was ordered to pay 2 million francs, J.P. Morgan will pay 2.6 million and RBS 900,000.

Comco also said that the banks involved had all signed so-called amicable settlements. The decision of the commission nevertheless can be challenged at Swiss highest court, the Federal Supreme Court of Switzerland.