EU banks raided in antitrust probe

Brussels EU regulators raided banks that offer financial derivatives linked to the Euro Interbank Offered Rate, saying they were investigating possible collusion. The European Commission said it had "concerns that the companies concerned may have violated EU antitrust rules that prohibit cartels and restrictive business practices." It didn't name the businesses involved.

The EU probe adds to earlier inquiries by the EC, UK and US financial regulators into the possible breach of rules governing the Libor borrowing rate. Barclays, HSBC Holdings and RBS Group have said they were quizzed by the EU earlier this year.