Commission: Fines 334 million euros on five major European banks

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The Commission announced that it imposed a fine of 344 million Euros on Barclays PLC, UBS Group, HSBC Holdings, Royal Bank of Scotland, Credit Suisse Group, for their participation in a cartel in the spot exchange market.

“The Commission’s investigation has revealed that some traders in charge of trading in the G10 spot exchange market have exchanged sensitive information and trading plans, and occasionally coordinated their trading strategies,” he said.

UBS, RBS and HSBC, which have decided to settle the case, face a total fine of 261 million euros.

Credit Suisse has been fined € 83 million under the normal procedure with the EU.

“Foreign exchange trading is one of the largest markets in the world,” said Competition Commissioner Vestager.

She added that “the collusive behavior of the five banks undermined the integrity of the financial sector to the detriment of the European economy and consumers.”

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Source From: Capital

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