"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 European Commission said.
READ MORE: The Holdup: Barclays Loses £2bn in Fines, Slow US DoJ Investigation to Blame
10 April 2019, 11:37 GMT
The first decision ("Forex — Three Way Banana Split" cartel) imposes a total fine of some €811 million on Barclays, The Royal Bank of Scotland (RBS), Citigroup, and JPMorgan. The second decision ("Forex- Essex Express" cartel) imposes a total fine of nearly €258 million Barclays, RBS, and MUFG Bank (formerly Bank of Tokyo-Mitsubishi).
According to Brussels, the banks formed those cartels in order to influence 11 different currencies, including the euro, US dollar, pound sterling, Japanese yen, Swiss franc, and others.
