The EU Commission fines multiple banks €344 million for participating in a foreign exchange spot trading cartel (UBS / Barclays / RBS / HSBC / Credit Suisse)

Antitrust: Commission fines UBS, Barclays, RBS, HSBC and Credit Suisse €344 million for participating in a Foreign Exchange spot trading cartel* The European Commission has completed its cartel investigation into the Foreign Exchange (‘Forex') spot trading market by imposing fines on five banks. The Commission has adopted today a decision imposing a total fine of € 261 million on the four banks that decided to settle the case, namely UBS, Barclays, RBS and HSBC. The Commission has also fined Credit Suisse € 83 million under the ordinary procedure. Commissioner Margrethe Vestager, in charge of competition policy said: “Today we complete our sixth cartel investigation in the financial sector since 2013 and conclude the third leg of our investigation into the Foreign Exchange spot trading

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European Commission, The EU Commission fines multiple banks €344 million for participating in a foreign exchange spot trading cartel (UBS / Barclays / RBS / HSBC / Credit Suisse), 2 December 2021, e-Competitions December 2021, Art. N° 103918

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