EU Fines Five Major Banks Over $1 Billion For Currency Collusion
EU Fines Five Major Banks Over $1 Billion For Currency Collusion
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."
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Record Date : 17.5.2019
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