The EU announced today that it is imposed a $ 390 million fine on four major banks for organizing a cartel, allowed them to minimize the risks of foreign exchange trading, the Associated Press reported.
The largest share of the fine is for HSBC (HSBC) – 200 million, and the remaining amount is divided between Credit Suisse (Credit Suisse), RBS (RBS) and Barclays (Barclays). The UBS will not pay a fine because it helped uncover the cartel, according to the European Commission.
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“The behavior of the five banks has dealt a blow to the integrity of the financial sector and has been at the expense of the European economy and European consumers.” said European Commission Vice-President Margrethe Vestager, in charge of competition.
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According to the Commission, several currency spot traders “exchanged sensitive information and trading plans and periodically coordinated their trading strategies in a professional online chat called Sterling Lad”.
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