Date: 17th May 2019
Author: BETTER FINANCE
Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined 1.07 billion euros) by the European Union on Thursday for rigging the multitrillion-dollar foreign exchange market. According to the European Commission, individual traders at the banks involved, formed two cartels to manipulate the spot foreign exchange market for 11 currencies, including the dollar, the euro and the pound. While Citigroup was hit with the highest fine of 311 million euros, Swiss bank UBS was not fined as it had alerted the European Commission of these two cartels.