Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a com...
BRUSSELS/LONDON - Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined 1.07 billion euros by the European Union on Thursday for rigging the multi-trillion dollar foreign exchange market.
“These cartel decisions send a clear message that the Commission will not tolerate collusive behavior in any sector of the financial markets,” European Competition Commissioner Margrethe Vestager said in a statement. “The traders, who were direct competitors, typically logged in to multilateral chatrooms ... and had extensive conversations about a variety of subjects, including recurring updates on their trading activities,” the Commission said in a statement.
JP Morgan and RBS both said they were pleased to have settled the cases and that they had since made changes to their controls. U.S. and British authorities have since fined seven of the world’s top banks a total of around $10 billion for trying to manipulate foreign exchange rates.
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