EU Fines Five Banks $1.2 Billion for FX Rigging

Five Banks Fined $1.2 Billion for FX Rigging – CNBC

Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland have been fined a total of 1.07 billion euros ($1.2 billion) by EU antitrust regulators for rigging the spot foreign exchange market for 11 currencies. Swiss bank UBS was exempted from a 285 million euro fine since it alerted the existence of two cartels to the European Commission. 

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Want to Catch Misbehaviour? Watch the Electronic Chat

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Want to Catch Misbehaviour? Watch the Electronic Chat – (subscription)

The monitoring of internal electronic messages has become among the most potent tools of first-line risk managers. “It is amazing how many people have arguments on chat – between sales and trading over who is responsible for a loss, for example, if they have to report it, say, within 24 hours,” said Andrew Brodie, global head of front office conduct surveillance at BNP Paribas.

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