By Giulia Petroni
The European Commission on Thursday announced that it had fined Barclays PLC, UBS Group AG, HSBC Holdings PLC, Royal Bank of Scotland and Credit Suisse Group AG € 344 million ($ 389.6 million) for participating in a agreement on spot foreign exchange transactions.
“The Commission’s investigation revealed that some traders in charge of spot trading in G10 currencies, acting on behalf of doomed banks, exchanged sensitive information and business plans, and sometimes coordinated their business strategies,” he said. -he declares.
UBS, Barclays, RBS and HSBC, who have decided to settle the case, face a total fine of 261 million euros. Credit Suisse was fined 83 million euros under ordinary procedure, according to the EU.
“Spot currency trading is one of the world’s largest financial markets,” said Competition Commissioner Margrethe Vestager. “The collusive behavior of the five banks has undermined the integrity of the financial sector to the detriment of the European economy and consumers.”
Write to Giulia Petroni at [email protected]
By Giulia Petroni
The European Commission on Thursday announced that it had fined Barclays PLC, UBS Group AG, HSBC Holdings PLC, Royal Bank of Scotland and Credit Suisse Group AG € 344 million ($ 389.6 million) for participating in a agreement on spot foreign exchange transactions.
“The Commission’s investigation revealed that some traders in charge of spot trading in G10 currencies, acting on behalf of doomed banks, exchanged sensitive information and business plans, and sometimes coordinated their business strategies,” he said. -he declares.
UBS has been granted full immunity for revealing the existence of the cartels, while Barclays, RBS and HSBC, which also decided to settle the case and received cuts, face a total fine of 261 million euros. Credit Suisse was fined 83 million euros under ordinary procedure, according to the EU.
“Spot currency trading is one of the world’s largest financial markets,” said Competition Commissioner Margrethe Vestager. “The collusive behavior of the five banks has undermined the integrity of the financial sector to the detriment of the European economy and consumers.”
Write to Giulia Petroni at [email protected]
Comments are closed.