Fidelity bank card banner Camano banner
EU fines 5 banks $1.2bn for foreign exchange rigging

By News Express on 16/05/2019

Views: 393


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

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 dollar, the euro and the pound.

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

The EU competition enforcer said most of the traders knew each other on a personal basis and set up chartrooms with names such as “Essex Express ‘n the Jimmy” because all of them except “James” lived in Essex and met on their train commute to London.

“One cartel ran between December 2007 to January 2013, while the other operated from December 2009 to July 2012,’’ it added.

Swiss bank UBS was not fined as it had alerted the two cartels to the European Commission.

JPMorgan and RBS said they were pleased to have settled the cases and that they had made changes to their controls.

JPMorgan said it related to the conduct of one former employee while RBS said it served as a reminder of how it had lost its way in the past.

MUFG said it had also taken measures to prevent a re-occurrence.

However, Barclays and Citigroup declined to comment.

A group dubbed the “Three Way Banana Split”, made up of traders at UBS, Barclays, RBS, Citigroup and JP Morgan, was handed a fine totaling 811.2 million Euros, with Citigroup taking the biggest hit at 310.8 million Euros.

The Essex Express cartel involving UBS, Barclays, RBS and MUFG, was given a 257.7 million Euro fine, with the penalty against Barclays the largest for this cartel at 94.2 million Euros.  (Agency report)

Source News Express

Posted 16/05/2019 9:09:55 PM

 

 

CLASSIFIED ADS

 

You may also like...
Bloodbath averted as Navy, Topline officials fight over...

Buhari scheming to jail Jonathan –Niger Delta Group...

FRSC's 7th Annual Lecture holds Aug. 24

Ex-Nasarawa Governor dies in Israel

How I floored Orji Kalu, Bourdex in Abia...

Akeredolu visits Buhari, wants deep seaport in Ondo...

Delta PDM vows to deliver Jonathan, Okowa, other...

Nigerian Air Force investigates helicopter crash

28 drown in India bus crash, many of...

CDS urges security consciousness against suicide bombing

Niger Delta Avengers threaten to sink oil vessels,...

South South Chiefs, Elders pass vote of confidence...

 

Latest News Bandits’ commanders agree to suspend attacks Over 1,000 cult members renounce membership in Ebonyi •Say we’re now ‘born-again’ NDLEA to recruit 5,000 personnel to boost manpower US awards full scholarships to 30 Nigerian students 4 FAAN security chiefs suspended over Lagos airport security breach Herders-farmers’ clashes: Yoruba youths, Miyetti Allah Kauta Hore mull national security summit PDP closes case at Presidential Election Tribunal, calls 62 witnesses Abolish herdsmen movement from North to South, Ganduje tells FG 5 Kirikiri Prison inmates bag University degrees NAPTIN gets new Director-General I don’t have money, please release my mum, Siasia begs kidnappers Protests: FG warns Shi’ites

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (510,037 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (431,567 views) Shameless Genevieve Nnaji exposes breasts in public (373,533 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (316,768 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (282,514 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (247,219 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (239,313 views) 10 cars more expensive than Jets (223,831 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (221,254 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (208,811 views) Lagos plane crash: Journalist releases victims’ names (188,396 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (186,999 views)

 

NLNG Job Vacancy

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (97) Business & Economy (4,358) Business Verdict (76) Columnists (1,074) Complaints & Requests (95) Enterprise & Opportunities (211) Entertainment (635) Features (779) Global Business Monitor (396) ICT Monitor (53) International (3,723) Interview (192) Live Commentary (30) Love Matters (163) Maggie's Blog (342) News (48,839) Opinion (1,291) Pidgin (17) Politics (11,170) Religion (1,051) Sports (2,102) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera