EU fines banks over $1 billion over foreign exchange cartel
20 May 2019

AP — European Union regulators have fined five banks a total of more than 1 billion euros ($1.1 billion) for colluding in the trade of large sums of foreign currency.

The European 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 also sometimes coordinated strategies through online professional chat rooms.

The commission, which polices anti-trust issues, fined Barclays, Royal Bank of Scotland, Citigroup and JPMorgan over 811 million euros for collaborating in a foreign exchange spot trading cartel dubbed “Forex – Three Way Banana Split.”

It also fined Barclays, RBS and MUFG Bank over 257 million euros for taking part in the “Forex – Essex Express” cartel.

“Foreign exchange spot trading activities are one of the largest markets in the world, worth billions of euros every day,” the EU’s competition commissioner, Margrethe Vestager, said.

Read more at the Associated Press

Photo: Amio Cajander [CC BY-SA 2.0], via Wikimedia Commons

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