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 – Risk.net (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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Banks Brace for Closure of EU Currency Manipulation Probe

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Banks Brace for Closure of EU Currency Manipulation Probe – Financial Times (subscription)

After six years of scrutiny, billions of dollars in fines and a flurry of criminal lawsuits, the world’s biggest currency-dealing banks are finally close to drawing a line under global regulatory investigations into the behaviour of their traders, as the EU prepares to announce the results of its probes.

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JP Morgan, Citi Said to Face EU Fines Over Currency Collusion

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JP Morgan, Citi Said to Face EU Fines Over Currency Collusion – Bloomberg (subscription)

Banks including JP Morgan and Citigroup are set to be fined imminently by the European Union over collusion on foreign exchange trading. The European Commission may announce fines as soon as this week as part of a settlement that sees the lenders get reduced penalties for agreeing not to challenge the findings.

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