At a hearing on Wednesday at London's Southwark Crown Court, Judge Nicholas Loraine-Smith scheduled the first dates for the world's first Euribor
trial, which is expected to last around three months.
Benchmark rates such as Libor and Euribor
are considered central cogs in the global financial wheel in a system valued at $450 trillion (419 trillion euros) of financial contracts ranging from derivatives to basic loans.
Deutsche Bank was however fined 466 million euros, and Societe Generale and RBS were fined 131 million euros in the Euribor
A spokesman for HSBC said the bank would defend itself vigorously in the Euribor
case, while Barclays confirmed its cooperation with the Commission which helped it stave off a e1/4690 million sanction.
Other banks fined by the EC in the Euribor
case are German group Deutsche Bank and French player Societe Generale.
Interest rates both on consumer and business credits granted by commercial banks will be determined by LIBOR and EURIBOR
The Commission has since opened inquiries into banks' manipulation of both Libor and Euribor
is the euro-priced counterpart of scandal-hit Libor.
Making submissions that formed part of the LIBOR and EURIBOR
setting process that took into account requests from Barclays' interest rate derivatives traders, who were motivated by profit and sought to benefit the bank's trading positions
futures continued to inch lower across the 2011-2012 strip, sending market-implied rate expectations higher on hopes that officials will agree terms on a fresh bailout deal for Greece.
2 basis points above three- month Euribor
, Dow Jones has reported citing one of the banks managing the transaction.
5% with a 1% LIBOR floor and the Company's Euro denominated term loans, at EURIBOR
plus 4% with a 1% EURIBOR