EU fines five banks €1bn over foreign exchange cartels

Irish Times | May 16, 2019 at 12:15 PM
  • Brussels has fined Barclays, RBS, Citigroup, JPMorgan and MUFG just over €1 billion for participating in cartels to manipulate the foreign exchange market for 11 currencies, drawing a line under global regulatory investigations into the behaviour of their traders.
  • EU officials found that two separate cartels used chat rooms to share information about customers’ orders, prices and other trading activities in order to manipulate in the spot markets between 2007 to 2013 for the euro, pound, yen, Swiss franc, US, Canadian, New Zealand and Australian dollars, and Danish, Swedish and Norwegian crowns.
  • The EU is the last major regulatory authority to conclude its investigation into claims that traders manipulated major currency benchmarks and exchange rates – allegations that first surfaced in 2013.