The European Commission has fined UBS, Barclays, RBS, HSBC and Credit Suisse a total of €344m for their participation in a foreign exchange spot cartel. The first 4 banks settled (with UBS receiving full immunity for revealing the cartels), and €83m of the fine was on Credit Suisse under the ordinary procedure. The investigation focused on the G10 currencies, and found that some traders acting on behalf of the banks exchanged sensitive information and trading plans, and sometimes coordinated their trading strategies through an online chatroom. As a result, the traders could make better informed decisions than should have been possible on when to trade, and could sometimes agree not to trade.
EU fines banks for FX spot cartel
European Union flags in front of the Berlaymont building (European commission) in Brussels, Belgium.