The European Commission said on Wednesday it had raided several firms active in financial derivative products linked to Euribor, the interbank euro lending rate, on suspicions of a cartel in the market.

The Commission said in a statement it was concerned the companies involved may have violated EU antitrust rules prohibiting cartels and restrictive business practices.

The Commission, which acts as anti-trust regulator in the 27-state European Union, did not identify the companies or the member countries where it had carried out the raids.