The banks allegedly colluded in the trade of large sums of foreign currency. UBS escaped fines for revealing the cartels.
EU regulators are fining the banks more than 1 billion euros for collaborating in a cartel dubbed"Forex - Three Way Banana Split."
Some bank employees in charge of spot trading in 11 currencies"exchanged sensitive information and trading plans." European Union regulators have fined five banks a total of more than €1 billion for allegedly colluding in the trade of large sums of foreign currency. The EU Commission said Thursday that investigators found that some bank employees in charge of spot trading in 11 currencies"exchanged sensitive information and trading plans."The commission fined Barclays, Royal Bank of Scotland, Citigroup and JPMorgan over 811 million euros for collaborating in a foreign exchange spot trading cartel dubbed"Forex - Three Way Banana Split."UBS escaped fines for revealing the cartels.
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