Swiss regulator fines banks for fixing forex shopping and selling
5 banks were fined a total of 90 million Swiss francs (US$90.53 million) for colluding to rig the foreign alternate market, Switzerland’s competition authority said on Thursday.
ZURICH: 5 banks were fined a total of 90 million Swiss francs (US$90.53 million) for colluding to rig the foreign alternate market, Switzerland’s competition authority said on Thursday.
The fines are essentially the most fresh tumble out from a scam which resulted in them being fined 1.07 billion euros (US$1.20 billion) final month by the European Union for manipulating the multi-trillion greenback forex market.
Barclays, Citigroup, JP Morgan and Royal Monetary institution of Scotland were punished by the Swiss authority, identified as WEKO, said it chanced on “several anti-competitive preparations between banks in foreign alternate place shopping and selling”.
Also punished became Japan’s MUFG Monetary institution for its phase in the scam which concerned traders coordinating their actions thru cyber web chatrooms.
Merchants of Barclays, Citigroup, JPMorgan, Royal Monetary institution of Scotland and UBS participated in the so-known as ‘Three formula banana smash up’ cartel from 2007 to 2013, WEKO said. Individuals in the ‘Essex explicit’ cartel which ran from 2009 to 2012 were traders of Barclays, MUFG Monetary institution, RBS and UBS.
Barclays became fined 27 million francs, Citigroup 28.5 million francs, JPMorgan 9.5 million francs, MUFG Monetary institution 1.5 million francs and RBS 22.5 million francs.
UBS became not punished since it revealed the cartels to the competition authorities first, whereas an investigation is mild underway into Credit Suisse. WEKO said it had closed its investigation into Julius Baer and Zuercher Kantonalbank.
JP Morgan declined to comment, whereas Barclays, RBS, Credit Suisse and Citi didn’t true now answer to requests for comment.
(Reporting by John Revill and Silke Koltrowitz)