EU fines five banks €1bn over foreign exchange cartel

May 17, 2019

The EU’s competition watchdog has fined Barclays, Citigroup, Royal Bank of Scotland, JPMorgan and Japan’s MUFG more than €1bn, having identified cartels of traders who rigged the foreign exchange market. A sixth bank, UBS, was excused financial penalties for revealing the cartels’ existence. Competition Commissioner Margrethe Vestager said the banks’ behaviour “undermined the integrity of the sector at the expense of the European economy and consumers”. RBS said its €249m share of the fines was “fully covered by existing provisions”. Barclays also said it had set aside money to cover the fine.

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