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EU fines four banks €344m for forex spot trading cartel

Compliance Monitor

EU fines four banks €344m for forex spot trading cartel

The EuropeanCommission has concluded that some traders in charge of forex spot trading ofG10 currencies at five major banks exchanged sensitive information andsometimes colluded to benefit their trades. [1] UBS, Barclays, RBS and HSBCsettled their antitrust case with authorities and were together fined €261million, whereas Credit Suisse did not pursue the settlement route and receivedan €83m penalty under the ‘ordinary procedure’.

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