[ad_1]
According to a press release, the European Commission has imposed fines totaling EUR 1.07 billion on Barclays, the Royal Bank of Scotland, Citigroup, JP Morgan and Mitsubishi UFJ Financial Group.
This corresponds to 10.42 billion Norwegian kroner at the current price.
UBS revealed the cooperation
The five banks are found guilty of having participated in two cartels that have valued eleven currencies in the spot market, and the banks have exchanged sensitive information and trading projects.
- Barclays must pay 210 million euros (2.05 billion)
- RBS must issue 249 million euros (NOK 2.43 billion)
- Citigroup 311 million EUR (3.03 billion)
- JP Morgan 229 million EUR (2.23 billion)
- Mitsubishi UFJ Financial Group 70 million EUR (NOK 681 million)
The large Swiss bank UBS also participated in the cartel activities, but escaped the fine as it revealed cooperation with the European Commission.
"Sape the integrity"
According to the European Commission, banks had to cooperate illegally on the foreign exchange market in euros, pounds sterling, yen, francs, US dollars, Canadian, New Zealand and Australia. In addition to the Norwegian, Swedish and Danish kroner
– The behavior of banks undermines the integrity of the sector to the detriment of the European economy and consumers, said Commissioner Margrethe Vestager in the report.
Illegal cooperation in the two big banks cartels took place in 2007-2013 and 2009-2012, respectively, according to the European Commission.
Source link
