EUR1 billion fine on Banks
for rigging Forex
The
European Commission has fined fined Barclays, RBS, Citigroup, JPMorgan and MUFG
Bank - previously Bank of
Tokyo-Mitsubishi - EUR1.07 billion for their participation in two Forex cartels
for 11 currencies between 2007 and 2013.
UBS
received full immunity from fines under the Commission's leniency policy.
According
to the Commission, traders in charge of Forex spot trading exchanged sensitive information
and trading plans. On some occasions they
coordinated their trading through online chatrooms.
The
first cartel (the "Forex - Three Way Banana Split” cartel) involved UBS,
Barclays, RBS, Citigroup and JP Morgan.
The second cartel (the Forex- Essex Express cartel), involved UBS,
Barclays, RBS and MUFG Bank.
All
the banks accepted their involvement in the cartels. The decisions were
concluded under the Commission’s settlement policy, which lead to a 10%
reduction in the fines. All the banks
apart from MUFG received additional leniency discounts to reflect their
cooperation with the Commission’s investigation.
These
are the 30th and 31st settlements since the first settlement decision was taken
by the Commission in May 2010.
RBS’s
settlements reflect settlements with the UK and US authorities on similar
issues in 2014 and 2015.
Case
AT.40135. Commission press release IP/19/2568.
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