Barclays, RBS, HSBC,and Credit Suisse fined for taking part in forex trading cartel

[superadmin]

Barclays, RBS, HSBC, Credit Suisse and UBS fined for taking part in forex trading cartel

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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[arranthebus]

Thanks for the information.

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