The European Commission imposed five penalties for the total amount of EUR 1.07 billion for the five international bank giants, as a result of a cartel agreement on strategies for dealing with foreign currencies. It was concluded that the representatives of banks in electronic chat rooms had agreed illegal exchange rates.
The Royal Bank of Scotland (RBS) and Barclays, the American Citigroup and JP Morgan Chase banks and the Japanese bank MUFG Bank have been punished for discreet negotiations, according to information from Brussels. The Swiss banking giant UBS, which fraudulently disclosed to the competent authorities, avoided fines.
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Representatives of banks illegally agreed online exchange rates
Sanctions refer to two examples of currency swap transactions, called & # 39; Essex Express & # 39; and the & # 39; Jimmy & # 39; and & # 39; Three-way Banana Split & # 39 ;. In both cases, bank representatives set up chats. Invitations to participate were sent based on trading activities and personal preferences, and in this way they established narrow circles of confidants. Illegal agreements took place between 2007 and 2013.
The European Commission sends a clear message that it will not allow collusion on any part of the financial market, the European Commissioner for Competition commented on the high penalties Margrethe Vestager. "The behavior of these banks undermines the integrity of the sector at the expense of the European economy and consumers," was a provocative Vestager.
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