THE EU Commission fined five banks €1.1bn (£940m) for rigging foreign exchange markets for 11 currencies, it announced yesterday.
Competition regulators fined Barclays, the Royal Bank of Scotland (RBS), Citigroup, JP Morgan and MUFG Bank. UBS was not fined as it revealed the existence of the rigging to the regulator.
In the first decision - related to the so-called Three-way Banana Split cartel - the Commission levied a €811m fine on Barclays, RBS, Citigroup and JP Morgan.
The second decision - in the socalled Essex Express cartel - the regulator imposed a €257m fine on Barclays, RBS and MUFG Bank.
Citi was fined €310.7m, RBS €249.2m, JP Morgan €228.8m, Barclays €210.3m and MUFG €69.7m.
The Commission said individual traders in charge of forex spot trading exchanged sensitive information and co-ordinated trading strategies through chatrooms.
Commissioner Margrethe Vestager said: "The behaviour of these banks undermined the integrity of the sector at the expense of the European economy and consumers".
(c) 2019 City A.M., source Newspaper