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Email On 13 February 2018, the Spanish Competition Authority, the National Commission for Markets and Competition (CNMC), fined four banks, Caixabank, Banco Santander, BBVA and Banco Sabadell, a total of € 91 million for colluding on the price of interest-rate derivatives, used to hedge risks related to syndicated loans for project finance. https://www.cadwalader.com/resources/newsletters/antitrust-and-financial-services/the-spanish-competition-authority-fines-four-banks-for-fixing-derivative-prices