Seven Banks Face EU Antitrust Fines For Forex Rigging, Sources Tell Reuters

Barclays, Citigroup, HSBC, JPMorgan, and three other banks are set to…

by Chris Powell of the Gold Anti-Trust Action Committee (GATA)

By Foo Yun Chee
Reuters
Thursday, May 9, 2019

BRUSSELS, Belgium — Barclays, Citigroup, HSBC, JPMorgan, and three other banks are set to be fined by European Union antitrust regulators in coming weeks for rigging the multi-trillion dollar foreign exchange market, two people familiar with the matter said.

The other three lenders are Royal Bank of Scotland, UBS, and a small Japanese bank, the people said. The banks will see a 10 percent cut in their fines for admitting wrongdoing.

In contrast, Credit Suisse, which has previously said it did not find any evidence of misconduct, is fighting the EU antitrust charge. It is not clear if the European Commission will be able to finalize the case in time to levy a fine against the Swiss bank in coming weeks.

The EU antitrust enforcer, which has been investigating the case over the last six years and could hand out fines up to 10 percent of a company’s global turnover for breaching EU rules, declined to comment.

Barclays, Citigroup, JPMorgan, Royal Bank of Scotland and HSBC declined to comment.

It is possible the EU could space out its rulings against the banks over several weeks rather than lump them together in one day, the sources said.

… For the remainder of the report:

uk.reuters.com/article/us-eu-antitrust-banks/seven-banks-face-eu…

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… For the remainder of the report:

uk.reuters.com/article/us-eu-antitrust-banks/seven-banks-face-eu…

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

www.gata.org

To contribute to GATA, please visit:

www.gata.org/node/16

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