, 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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: Vodacom making good on key strategic growth areasVodacom has taken a small but significant step by acquiring a majority stake in IoT.nxt – a local Internet of Things company, signalling that it may see its future leaning towards new services technologies.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Uber Shares Are Quickly Approaching ‘White Knuckle’ TerritoryWith Uber Technologies Inc.’s shares plunging nearly 20% below its IPO price on Monday, the stock might be fast approaching a “white knuckle” territory, according to one Wall Street analyst.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: World Economy Rebound Thrown Into Doubt by Escalating Trade WarThe escalating U.S.-China trade war is threatening to upend the global economy’s much-anticipated rebound and could even throw its decade-long expansion into doubt if the conflict spirals out of control.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: U.S. Readies New Tariffs as Trump Says He’ll Meet China’s XiThe U.S. prepared to hit China with new tariffs even as President Donald Trump said he’ll meet his Chinese counterpart, Xi Jinping, at next month’s G-20 summit, an encounter that could prove pivotal in a deepening clash over trade.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Global Stock Losses Hit $2.1 Trillion Ahead of Tariff DeadlineA are hours away from additional tariffs getting slapped on Chinese goods, with the U.S. and China in pivotal trade negotiations, fear has gripped markets and the level of sensitivity to any trade headline is extremely high.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Trade War Spurs `Change in Attitude’ on Gold for Spooked MarketsDonald Trump’s tweets are keeping global financial markets on edge, and many investors are opting for gold as a refuge.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Trump Warns China to Act on U.S. Trade Deal or Face Worse TermsPresident Donald Trump said it would be wise for China to “act now” to finish a trade deal with the U.S., warning that “far worse” terms would be on offer for them after what he predicted would be his certain re-election in 2020.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Tuesday May 14, Five Things You Need to Know to Start Your DayU.S. stocks plunged after China hit back at Trump, and Asian futures indicate the selloff is far from over. Uber’s skid continues and in the Philippines, Duterte’s allies lead the Senate vote. Here are some of the things people in markets are talking about today.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: MTN associate, Jumia Technologies, called a ‘fraud’One should never take reports written by short sellers (who have taken a bet that a stock price will go down), entirely at face value. However, a report on Jumia Technologies, dubbed Africa’s Amazon, does raise questions and concerns.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: China April industrial output up 5.4%, much less than expected, retail sales also falterGrowth in China's industrial output slowed more than expected to 5.4 percent in April from a 4-1/2 year high in March, reinforcing views Beijing will have to roll out more stimulus measures as a trade war with the United States intensifies.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: Jumia shrugs off short-seller reportShares in e-commerce company Jumia, otherwise dubbed Africa’s Amazon, have plateaued after a week that saw the share price plunge after the publication of a report from short-seller Citron Research that suggested the company was not what it appeared to be.
Source: dailymaverick - 🏆 3. / 84 Read more »