Barclays and the Royal Bank of Scotland among five banks hit with €1bn fine for forex rigging - AFIA ENGLISH

Barclays and the Royal Bank of Scotland among five banks hit with €1bn fine for forex rigging

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The EU Commission has fined five banks €1.07bn (£940m) for rigging foreign exchange markets for 11 currencies, it announced today.

Competition regulators fined Barclays, The Royal Bank of Scotland (RBS), Citigroup, JP Morgan and MUFG Bank, while UBS was not fined as it revealed the existence of the rigging to the regulator.

In the first decision – related to the so-called forex three way banana split cartel – the Commission levied a €811m fine on Barclays, RBS, Citigroup and JP Morgan.

The second decision – in the so-called forex- Essex express cartel – the regulator imposed a €257m fine on Barclays, RBS and MUFG Bank.

Citi was fined €310.7m, RBS €249.2m, JP Morgan €228.8m, Barclays €210.3m and MUFG €69.7m.

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