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Barclays, UBS, HSBC, Credit Suisse and RBS fined over spot trading cartel
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The European Commission said Thursday that it has fined Barclays, UBS Group, HSBC Holdings, Royal Bank of Scotland and Credit Suisse Group a total of €344m ($389.6m) for participating in a foreign-exchange spot trading cartel.
“The Commission’s investigation revealed that some traders in charge of the forex spot trading of G10 currencies, acting on behalf of the fined banks, exchanged sensitive information and trading plans, and occasionally coordinated their trading strategies,” it said.
UBS...
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