Big banks fined by EU for forex misconduct

MarketWatch | May 16, 2019 at 11:49 AM
  • European Union authorities on Thursday fined five global banks a total of EUR1.07 billion ($1.2 billion) for manipulating the foreign-currency market by exchanging sensitive information and trading plans through online chat rooms to gain financially.
  • Citigroup Inc., JPMorgan Chase & Co., Barclays PLC, Royal Bank of Scotland Group PLC and Japan’s MUFG Bank Ltd. are paying between EUR69.7 million ($78.1 million) and EUR310.7 million under settlements with the European Commission.
  • The manipulation involved 11 currencies, including the euro, U.S. dollar and British pound, and took place between 2007 and 2013.