Forex: European Commission fines five banks for currency market cartel

Forex: European Commission fines five banks for currency market cartel

Forex: European Commission fines five banks for currency market cartel
May 28, 2019

By: Andrew Ward, Mireia Prat y Joaquim Candel.

 

In two decisions dated May 16, 2019, the European Commission (EC) fined five banks—Barclays, The Royal Bank of Scotland ("RBS"), Citigroup, JPMorgan, and MUFG—over €1.068 billion for taking part in two foreign exchange market cartels involving over 11 different currencies. The two cartels were revealed by UBS, which was thus spared from a fine under the leniency notice.

 

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May 28, 2019