The European Commission (EC) said in a statement Thursday that it had fined five banks 1.07 billion euros ($1.2 billion) for taking part in cartels
MOSCOW (Pakistan Point News / Sputnik - 16th May, 2019) The European Commission (EC) said in a statement Thursday that it had fined five banks 1.07 billion euros ($1.2 billion) for taking part in cartels.
"In two settlement decisions, the European Commission has fined five banks for taking part in two cartels in the Spot Foreign Exchange market for 11 currencies - Euro, British Pound, Japanese Yen, Swiss Franc, US, Canadian, New Zealand and Australian Dollars, and Danish, Swedish and Norwegian crowns," the EC said.
"The first decision (so-called "Forex - Three Way Banana Split" cartel) imposes a total fine of 811 197 000 on Barclays, The Royal Bank of Scotland (RBS), Citigroup and JPMorgan. The second decision (so-called "Forex- Essex Express" cartel) imposes a total fine of 257 682 000 on Barclays, RBS and MUFG Bank (formerly Bank of Tokyo-Mitsubishi)," it said.
