Eu fines banks for manipulating the forex market

Eu fines banks for manipulating the forex market

21/05/ · Brussels – On Thursday, the European Union fined Citigroup, MUFG, Barclays, JP Morgan and Royal Bank of Scotland a blended €billion for manipulating the multi-million dollar foreign exchange market 16/05/ · Barclays, Citigroup, J.P. Morgan, MUFG and Royal Bank of Scotland have been fined a total of $ billion by EU regulators for rigging the forex blogger.comted Reading Time: 4 mins 16/05/ · Patricia Kowsmann. European Union authorities on Thursday fined five global banks a total of EUR billion ($ billion) for manipulating the foreign-currency market by Estimated Reading Time: 3 mins

Big banks fined by EU for forex misconduct - MarketWatch

European Union authorities on Thursday fined five global banks a total of EUR1. Citigroup Inc. are paying between EUR UBS Group AG, which in revealed the existence of two cartels formed by the banks, has received full immunity eu fines banks for manipulating the forex market avoided EUR million in fines, the commission said.

Citigroup, which is paying the top fine of EUR An RBS spokesman said the fine is a reminder of how badly the bank "lost its way" in the past. A JP Morgan spokesman said one former employee was involved in the case, adding "we have since made significant control improvements. The manipulation involved 11 currencies, including the euro, U. dollar and British pound, and took place between and It involved foreign exchange spot order transactions, which are executed on the same day at the prevailing exchange rate.

The commission said individual traders at the five banks exchanged information in a way that allowed them to coordinate whether and when to sell and buy the currencies for their advantage. Most of the traders knew each other outside work, the commission said, eu fines banks for manipulating the forex market, including by commuting by train into London. The chat rooms, with colorful names such as "Three Way Banana Split" and "Semi Grumpy Old Men, " were kept open on the traders' screens all day, and they would post regular updates on their trading activities, the commission said.

The commission opened an investigation that year but its findings come years after banks settled similar allegations in the U. and U. The commission said it hasn't completed its work, though. HSBC Holdings PLC earlier this year said it also had been asked by the European Commission for information around potential coordination in foreign-exchange options trading.

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Talking to John Mattingley on Forex Market Manipulation Part 1

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EU fines banks a billion for forex manipulation - Transform Finance

21/05/ · Brussels – On Thursday, the European Union fined Citigroup, MUFG, Barclays, JP Morgan and Royal Bank of Scotland a blended €billion for manipulating the multi-million dollar foreign exchange market 16/05/ · Barclays, Citigroup, J.P. Morgan, MUFG and Royal Bank of Scotland have been fined a total of $ billion by EU regulators for rigging the forex blogger.comted Reading Time: 4 mins 17/05/ · The European Union has fined five major banks for rigging the foreign exchange (forex) market. Two cartels formed by traders at Barclays, Royal Bank of Scotland, Citigroup, JPMorgan, and MUFG have been fined a total of € billion ($ billion) for manipulating the exchange market for a range of currencies between and