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Foreign news: Major banks fined for FX rigging

After a six-year investigation into rigging of spot foreign exchange markets, EU antitrust regulators have fined Barclays, Citigroup, JPMorgan, MUFG and Royal Bank of Scotland a total of €1.07 billion. CNBC reports that UBS was exempted from a €285 million fine for alerting the European Commission to the existence of two FX trading cartels. EU investigators said FX traders from various banks exchanged sensitive information and trading plans through various online professional chat rooms. In a similar case being run by US regulators, Barclays, BNP Paribas, Citigroup, JPMorgan, Royal Bank of Scotland and UBS have been fined, collectively, more than US$2.8 billion.

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