The EU Commission imposes fines totalling over € 1 billion on banks for their involvement in two separate cartels on the spot foreign exchange markets (Barclays / RBS / Citigroup / JPMorgan / MUFG Bank)

On 16 May 2019, the European Commission adopted two decisions under its cartel settlement procedure, in which it imposed fines totalling € 1.07 billion on five banks for their involvement in two separate cartels on the spot foreign exchange markets for eleven currencies. The banks involved in the infringements were Barclays, RBS, Citigroup, JPMorgan and the Bank of Tokyo-Mitsubishi (now MUFG Bank). In its decisions, the Commission found that the banks had colluded

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  • Van Bael & Bellis (Brussels)

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Richard Burton, The EU Commission imposes fines totalling over € 1 billion on banks for their involvement in two separate cartels on the spot foreign exchange markets (Barclays / RBS / Citigroup / JPMorgan / MUFG Bank), 16 May 2019, e-Competitions Bulletin June 2019, Art. N° 90767

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