“Our decision to fine UBS, Barclays, RBS, HSBC and Credit Suisse sends a clear message that the Commission remains focused on ensuring a competitive financial sector that is essential for investment and growth,” added the official.
The Commission’s investigation revealed that some traders in charge of the Forex market and representatives of the fined banks exchanged confidential information and exchange plans, as well as occasionally coordinating their strategies through an online chat room calling itself “Sterling lads” (“ the sterling boys ”).
HSBC was fined 174 million euros, Britain’s Barclays 54.3 million euros and RBS 32.4 million.
Three of the banks received a 10% reduction for acknowledging their participation in the cartel and collaborating in the investigation, while Credit Suisse, for not cooperating, did not obtain said benefit due to the leniency procedures and was fined 83 million euros. .
The only exception was the Swiss financial company UBS, which obtained “total immunity” and a 100% reduction for revealing the existence of the cartel.
These sanctions take into account the value of the operations carried out by each of the groups in Europe, the level of severity and the duration of the infringements observed.
Companies, when exchanging large amounts of various currencies, often resort to a Forex trader, who can be asset or pension managers, other companies and also, as seen in this case, banks.
The currencies exchanged include the world’s leading currencies in terms of their number of transactions (commonly referred to as “G10” currencies): the euro, the pound, the yen, the Swiss franc, the US, Canadian, Australian and New Zealand dollars, and the Norwegian and Swedish crowns.
Source From: Ambito
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