EU Commission Fines Five Banks for Forex Spot Trading Cartel
December 02 2021 - 6:25AM
Dow Jones News
By Giulia Petroni
The European Commission said Thursday that it has fined Barclays
PLC, UBS Group AG, HSBC Holdings PLC, Royal Bank of Scotland and
Credit Suisse Group AG a total of 344 million euros ($389.6
million) for participating in a foreign-exchange spot trading
cartel.
"The Commission's investigation revealed that some traders in
charge of the forex spot trading of G10 currencies, acting on
behalf of the fined banks, exchanged sensitive information and
trading plans, and occasionally coordinated their trading
strategies," it said.
UBS, Barclays, RBS and HSBC, which have decided to settle the
case, face a total fine of EUR261 million. Credit Suisse has been
fined EUR83 million under ordinary procedure, according to the
EU.
"Foreign exchange spot trading activities are one of the largest
financial markets in the world," said Competition Commissioner
Margrethe Vestager. "The collusive behaviour of the five banks
undermined the integrity of the financial sector at the expense of
the European economy and consumers."
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
December 02, 2021 06:10 ET (11:10 GMT)
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