Trading

EU fines banks more than €1bn for foreign exchange cartel

Traders swapped sensitive information on risk positions and trading plans in Bloomberg chatrooms, commission finds

EU fines banks more than €1bn for foreign exchange cartel
Photo: Getty Images

The European Union’s executive arm has fined five banks close to €1.1bn for collusive behaviour in the $5.1tn-a-day foreign exchange markets.

Barclays, Citigroup, JPMorgan, MUFG Bank and Royal Bank of Scotland were all given multimillion-euro fines.

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