EU fines banks €1bn for currency rigging | 2019-05-16 | daily-sun.com

EU fines banks €1bn for currency rigging

Sun Online Desk

16th May, 2019 06:27:50 printer

EU fines banks €1bn for currency rigging

Five banks have been fined a total of €1.07bn (£935m) by the European Commission for forming illegal cartels to rig the foreign exchange market.

Four banks in the "Banana Split" cartel - Barclays, RBS, Citigroup and JP Morgan - were fined €811m in all.

Another three banks in the "Essex Express" cartel - Barclays, RBS and MUFG - were fined €258m.

A sixth bank, UBS, was excused financial penalties for revealing the cartels' existence.

The European Commission said the market-rigging took place from 2007 to 2013.

Competition Commissioner Margrethe Vestager said the banks' behaviour "undermined the integrity of the sector at the expense of the European economy and consumers".

 

BBC


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