, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined 1.07 billion euros by the European Union on Thursday for rigging the multi-trillion dollar foreign exchange market.
“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 five-year investigation found nine traders spread across the banks exchanged sensitive information and trading plans in the chatrooms and occasionally co-ordinated trading strategies.
Information swapped by the traders in the chatrooms included details on their clients’ orders, the bid-ask spreads for specific transactions, their open risk positions and other details of current or planned trading activities. JP Morgan said the fine related to the conduct of one former employee and RBS that it served as a reminder of how it had lost its way in the past.and Citigroup declined to comment., RBS, Citigroup and JP Morgan, was handed a fine totalling 811.2 million euros., RBS and MUFG, was fined a 257.
The UK Serious Fraud Office , meanwhile, dropped its own forex investigation in 2016, saying there was insufficient evidence for a realistic prospect of conviction of individuals.
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