EU antitrus regulators fine top banks 1.07B euros for forex rigging

(qlmbusinessnews.com via uk.reuters.com –Thur, 16th May 2019) London, UK —

BRUSSELS (Reuters) – EU antitrust regulators on Thursday fined Barclays, Citigroup, JPMorgan, MUFG and Royal Bank of Scotland a total of 1.07 billion euros ($1.2 billion) for rigging the spot foreign exchange market for 11 currencies.

Swiss peer UBS was not fined as it alerted the two cartels to the European Commission. The financial industry has been hit with billion euro fines worldwide in the last decade for rigging key benchmarks.

Reporting by Foo Yun Chee