EU fines five major banks 1 bn euros for currency collusion

Focus Information Agency | May 16, 2019 at 3:13 PM
  • The EU’s powerful anti-trust authority on Thursday fined five major banks — including Barclays and Citigroup — more than a billion euros for collusion in the massive foreign exchange currency market, AFP reported.
  • The collusion took place between 2007 and 2013, roughly the years of the financial crisis and has been sanctioned by other authorities, including the US.
  • Except Japan’s MUFG, the banks cooperated with the commission and in return received lighter fines than the EU’s maximum amount.