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EU fines 4 banks USD 390M in forex trading cartel
Updated On: 03 December, 2021 11:16 AM IST | Brussels | Agencies
“The collusive behaviour of the five banks undermined the integrity of the financial sector at the expense of the European economy and consumers,” commission Vice President Margrethe Vestager said
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The European Union said on Thursday that it has fined four major banks a combined USD 390 million for colluding in a foreign exchange spot trading cartel that
allowed them to beat inherent risks in currency deals.
HSBC received the biggest fine of almost USD 200 million, while Credit Suisse, RBS and Barclays received smaller penalties. UBS was spared a fine because it revealed the cartel, according to the European Commission, the EU’s executive arm.
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