Swiss Regulator Fines Banks For Fixing Forex Trading | 9/4/2017 | Staff
spiderMonkeyspiderMonkey (Posted by) Level 3
ZURICH (Reuters) – Five banks have been fined a total of 90 million Swiss francs ($90.53 million) for colluding to rig the foreign exchange market, Switzerland’s competition authority said on Thursday.

The fines are the latest fall out from a scam which led to them being fined 1.07 billion euros ($1.20 billion) last month by the European Union for manipulating the multi-trillion dollar forex market.

Barclays - Citigroup - JP - Morgan - Royal

Barclays, Citigroup, JP Morgan and Royal Bank of Scotland were punished by the Swiss authority, known as WEKO, said it found “several anti-competitive arrangements between banks in foreign exchange spot trading”.

Also punished was Japan’s MUFG Bank for its part in the scam which involved traders coordinating their activities through internet chatrooms.

Traders - Barclays - Citigroup - JPMorgan

Traders of Barclays, Citigroup, JPMorgan,...
(Excerpt) Read more at:
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!