European Commission fines five banks €1.07 billion for FX rigging

Cartel members co-ordinated trading strategies and exchanged client information

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The cartels were known as the ‘Three way banana split’ and ‘Essex Express’

The European Commission has fined Barclays, Citigroup, JP Morgan, Mitsubishi UFG Financial Group (MUFG) and RBS a total of €1.07 billion (US$1.19 billion) for taking part in foreign exchange spot-trading cartels at various times between 2007 and 2013, following an extensive investigation by the institution.

In its findings, the Commission found that in the two cartels in question, which bore colourful names such as the ‘Three way banana split’ and ‘Essex Express’, individuals on the bank’s spot

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