Impossible for Traders at 5 Banks to Rig Euribor Rates, EBF Says
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Traders at five banks would have found it impossible to successfully manipulate the euro interbank lending rate known as Euribor, said the head of the European Banking Federation.
“It’s impossible for those five banks to really have an impact on the daily Euribor index,” Guido Ravoet, the EBF’s chief executive officer, told Bloomberg Television in an interview today. “You need at least more than 15 banks really aligning their quotes to have any effect on the Euribor.”