EU fines five banks $1.2 billion

EU fines five banks $1.2 billion
  • Clock-gray 16:26
  • calendar-gray 16 May 2019

Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined 1.07 billion euros ($1.2 billion) by the European Union on Thursday for rigging the multi-trillion dollar foreign exchange market, APAreports citing Reuters.

The financial industry has been hit with billions of euros in fines worldwide over the last decade for the rigging of benchmarks used in many day-to-day financial transactions.

The European Commission said the banks formed two cartels to manipulate the spot foreign exchange market for 11 currencies, including the U.S. dollar, the euro and the pound.

“These cartel decisions send a clear message that the Commission will not tolerate collusive behavior in any sector of the financial markets,” European Competition Commissioner Margrethe Vestager said in a statement.

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