12-02-2021, 09:09 PM
Barclays, RBS, HSBC, Credit Suisse and UBS fined for taking part in forex trading cartel
![[Image: 104226861-GettyImages-631902232.jpg?v=15...=740&h=416]](https://image.cnbcfm.com/api/v1/image/104226861-GettyImages-631902232.jpg?v=1541052199&w=740&h=416)
The European Commission has fined five banks for participating in an illegal foreign exchange trading cartel.
UBS, Barclays, RBS, HSBC and Credit Suisse were fined a combined total of 344 million euros ($390 million), the commission said in a statement Thursday.
The investigation, focused on the trading of G-10 currencies, revealed that foreign exchange traders in these five banks discussed sensitive information and trading plans. They occasionally coordinated their trading plans via a professional online chatroom called Sterling Lads, the commission said.
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