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Barclays, Citigroup and JP Morgan among banks fined $1.2 billion for forex rigging

May 16, 2019

Via: CNBC
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Barclays, Citigroup, J.P. Morgan, MUFG and Royal Bank of Scotland have been fined a total of 1.07 billion euros ($1.2 billion) by EU antitrust regulators for rigging the spot foreign exchange market for 11 currencies.

Swiss bank UBS was exempted from a 285 million euro fine since it alerted the existence of two cartels to the European Commission. The financial industry has been hit with billion euro fines worldwide in the last decade for rigging key benchmarks.

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