EU regulators fine five banks 1.07 billion euros for forex rigging

Written by on May 16, 2019

File photo of the logo of Barclays seen on the top of one of its branch in Madrid
The logo of Barclays is seen on the top of one of its branch in Madrid, Spain in this March 22, 2016 file photo. REUTERS/Sergio Perez/Files

May 16, 2019

BRUSSELS (Reuters) – EU antitrust regulators on Thursday fined Barclays, Citigroup, JPMorgan, MUFG and Royal Bank of Scotland a total of 1.07 billion euros ($1.2 billion) for rigging the spot foreign exchange market for 11 currencies.

Swiss peer UBS was not fined as it alerted the two cartels to the European Commission. The financial industry has been hit with billion euro fines worldwide in the last decade for rigging key benchmarks.

(Reporting by Foo Yun Chee; editing by Philip Blenkinsop)

Source: OANN

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