EU Commission Fines Five Banks for Forex Spot Trading Cartel -- Update
02 Dezembro 2021 - 8:43AM
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 received full immunity for revealing the existence of the
cartels, while Barclays, RBS and HSBC, which have too decided to
settle the case and benefited from reductions, 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 06:28 ET (11:28 GMT)
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