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

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

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KEY POINTS

  • 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.
  • A similar case with the U.S. regulators is ongoing where Barclays, BNP Paribas, Citigroup, J.P. Morgan, Royal Bank of Scotland and UBS have entered related guilty pleas, and been collectively fined more than $2.8 billion.
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