Motilal Oswal
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Motilal Oswal
Business

European Union fines banks over $1 billion over foreign exchange cartel

Updated : May 16, 2019 03:34 PM IST

The EU Commission said Thursday that investigators found that some bank employees in charge of spot trading in 11 currencies "exchanged sensitive information and trading plans." They sometimes coordinated strategies through online professional chat rooms.
The commission fined Barclays, Royal Bank of Scotland, Citigroup and JPMorgan over 811 million euros ($909 million) for collaborating in a foreign exchange spot trading cartel.
It also fined Barclays, RBS and MUFG Bank over 257 million euros ($288 million) for a separate cartel.
European Union fines banks over $1 billion over foreign exchange cartel
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