The EU Commission fines five banks for participating in foreign exchange spot trading cartel (Barclays / RBS / Citigroup / JPMorgan / MUFG)

Antitrust: Commission fines Barclays, RBS, Citigroup, JPMorgan and MUFG €1.07 billion for participating in foreign exchange spot trading cartel* In two settlement decisions, the European Commission has fined five banks for taking part in two cartels in the Spot Foreign Exchange market for 11 currencies - Euro, British Pound, Japanese Yen, Swiss Franc, US, Canadian, New Zealand and Australian Dollars, and Danish, Swedish and Norwegian crowns. The first decision (so-called “Forex - Three Way Banana Split” cartel) imposes a total fine of €811 197 000 on Barclays, The Royal Bank of Scotland (RBS), Citigroup and JPMorgan. The second decision (so-called “Forex- Essex Express” cartel) imposes a total fine of €257 682 000 on Barclays, RBS and MUFG Bank (formerly Bank of Tokyo-Mitsubishi). UBS is

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European Commission, The EU Commission fines five banks for participating in foreign exchange spot trading cartel (Barclays / RBS / Citigroup / JPMorgan / MUFG), 16 May 2019, e-Competitions Bulletin May 2019, Art. N° 90617

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