Swiss regulator fines four banks for fixing foreign places substitute procuring and selling
FILE PHOTO: The emblem of Barclays is viewed on the kill of one among its branch in Madrid, Spain, March 22, 2016. REUTERS/Sergio Perez
ZURICH (Reuters) – Five banks had been fined a complete of 90 million Swiss francs (71.45 million kilos) for colluding to rig the foreign places switch market, Switzerland’s competition authority stated on Thursday.
The fines are the most recent fall out from a scam which resulted in them being fined 1.07 billion euros ($1.20 billion) closing month by the European Union for manipulating the multi-trillion greenback foreign places substitute market.
Barclays, Citigroup, JP Morgan and Royal Bank of Scotland had been punished by the Swiss authority, is referred to as WEKO, stated it chanced on “a complete lot of anti-aggressive arrangements between banks in foreign places switch space procuring and selling”.
Also punished became Japan’s MUFG Bank for its allotment in the scam which sharp traders coordinating their actions through internet chatrooms.
Traders of Barclays, Citigroup, JPMorgan, Royal Bank of Scotland and UBS participated in the so-referred to as ‘Three method banana split’ cartel from 2007 to 2013, WEKO stated. Participants in the ‘Essex explicit’ cartel which ran from 2009 to 2012 had been traders of Barclays, MUFG Bank, RBS and UBS.
Barclays became fined 27 million francs, Citigroup 28.5 million francs, JPMorgan 9.5 million francs, MUFG Bank 1.5 million francs and RBS 22.5 million francs.
UBS became no longer punished due to it revealed the cartels to the competition authorities first, while an investigation is silent underway into Credit Suisse. WEKO stated it had closed its investigation into Julius Baer and Zuercher Kantonalbank.
JP Morgan declined to comment, while Barclays, RBS, Credit Suisse and Citi didn’t straight retort to requests for comment.
Reporting by John Revill and Silke Koltrowitz