By Foo Yun Chee
Thursday, May 16, 2019
BRUSSELS, Belgium -- The European Union today fined Barclays, Citigroup, JP Morgan, MUFG, and Royal Bank of Scotland a combined 1.07 billion euros ($1.2 billion) for rigging the multi-trillion dollar foreign exchange market.
Banks have been hit with billions of dollars in fines worldwide over the last decade for the rigging of benchmarks used in many day-to-day financial transactions, further damaging the industry's fragile reputation after the financial crisis.
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The European Commission said individual traders at the banks involved formed two cartels to manipulate the spot foreign exchange market for 11 currencies, including the dollar, the euro, and the pound. Citigroup was hit with the highest fine of 310.8 million euros, while Swiss bank UBS was not fined as it had the European Commission about the two cartels. ... ... For the remainder of the report: https://www.reuters.com/article/us-eu-antitrust-banks/eu-fines-barclays-...
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