EU fines $ 390 million in fines on 4 banks in currency trading cartel

BRUSSELS (AP) – The European Union said Thursday he fined four major banks $ 390 million for agreeing to a cash exchange cartel that allowed them to overcome the risks inherent in foreign exchange transactions.

HSBC received the biggest fine of almost $ 200 million, while Credit Suisse, RBS and Barclays received lower penalties. UBS was spared a fine for revealing the deal, according to the European Commission, the executive body of the EU.

“The collusive behavior of the five banks has undermined the integrity of the financial sector to the detriment of the European economy and consumers,” said the vice-chairman of the committee. Margrethe Vestager noted.

The commission said in a statement that several spot foreign exchange traders “exchange sensitive information and trading plans, and sometimes coordinate their trading strategies through a professional online chat room called Sterling Lads.”

Because he revealed the cartel, UBS escaped a fine of $ 106 million, while Barclays, RBS and HSBC received discounts for cooperating with the EU investigation.


Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., Source News from the associated press

Comments are closed.