FIN.

EC fines banks for FX cartel

The European Commission has fined 5 banks for taking part in 2 cartels involving 11 currencies in the spot fx markets. It has imposed fines totalling over €800m on Barclays, RBS, Citigroup and JP Morgan for the so called “forex – three way banana split” cartel, and fines totalling over €200m on Barclays, RBS and MUFG Bank for the so-called “forex – Essex express” cartel.  The settlement decisions are also addressed to UBS, which was not fined because it told the Commission about the cartels.

The traders exchanged information using chatrooms, and, overall, the issues began in late 2007 and ended in early 2013.

 

 

 

 

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Emma Radmore