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File photo of the European Commission headquarters in Brussels. Shutterstock
Forex
EU fines major banks €344 million over foreign exchange trading cartel
Barclays, Royal Bank of Scotland, HSBC and Credit Suisse all received fines.
12.47pm, 2 Dec 2021
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THE EUROPEAN COMMISSION has today imposed fines totalling €344 million on Barclays, Royal Bank of Scotland (RBS), HSBC and Credit Suisse after finding they had engaged in a foreign exchange (Forex) spot trading cartel.
Traders at UBS were also found to have taken part, but the European Commission agreed to reduce the Swiss bank’s fine to zero after it came forward voluntarily to cooperate with regulators.
“The collusive behaviour of the five banks undermined the integrity of the financial sector at the expense of the European economy and consumers,” commission vice-president Margrethe Vestager said.
These fines brought to an end the third part of an investigation that has been ongoing since 2013 and which had already resulted in more than €1 billion in fines in 2019.
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The probe revealed that traders in charge of spot foreign exchange transactions on major currencies, acting on behalf of the British and Swiss banks, coordinated their trading strategies.
The commission said the traders at the banks sometimes coordinated through an online chatroom called “Sterling Lads” – named after the British currency.
Sometimes, on this group, traders who were supposed to be rivals would agree to stand down to avoid interfering in each other’s trades, distorting the market.
“Our cartel decisions … send a clear message that the Commission remains committed to ensure a sound and competitive financial sector that is essential for investment and growth,” Vestager said.
The European Commission, the EU executive, is the 27-nation bloc’s main competition regulator.
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I’m not surprised considering the way Ryanair thinks it is OK to flout the planning conditions at Dublin Airport, maybe Michael O’Leary can set a meeting up with Eamon Ryan to try and trash this one out as well.
@John Dennehy: I wouldn’t have a lot of love for O Leary but he is an accomplished proven successful businessman whereas Eamonn Ryan is a self serving, plastic green who if he gets his way would have us all back in the stone age starving. Take a little chip at E3G and their interests and look at what Ryan is pushing for in the Dail. He is a senior associate with them
@ItWasLikeThatWhenIGotHere: Italy is still reeling because of what happened in Alitalia and their illegal government aid which Ryanair brought attention to. This is just a shakedown , nothing else.
@Shane O Neill: lol… I walked by a barbershop in Dublin yesterday that had a sign up- ‘Student discount 20% between 1pm and 13.00′… call me pedantic as I am but that kind of stuff really gets me going!!
The Sooner Eamon and his Green bandit Party and his net Zero Jobs and businesses policies are removed from our country the better.
Eamo and the Cabbage Patch Party have the country almost bust
Cafes and restaurants closing by the minute
Cities
Offices devoid of people and now rendered useless.
As a result city devoid of customers
People cannot afford to heat their homes
People cannot afford to run a family car
Cost of basic household goods unaffordable for families
Energy costs out of control all the while ESB returns a €2billion profit
Eamon you are anti family, anti business anti car, you offer zero alternatives except net zero and fines, penalties and waffle.
People will have their day.
It will be difficult to make this country habitable again after you are gone. You have absolutely wrecked our country.
Nobody can afford anything anymore
Housing is unaffordable and unobtainable as it is no longer viable to build
maybe they can ask ryanair why at times their change flight button isnt there, so even though you try hard they go and absorb all your money when your right to change was taken – this is unethical
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