Stock Market Cafe
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Stock Market Cafe
No Result
View All Result
Home Trading News

Barclays, RBS, HSBC, Credit Suisse and UBS fined for taking part in forex trading cartel

by
December 2, 2021
in Trading News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Chipotle Mexican Grill misses expectations for earnings, revenue and same-store sales

Microsoft CEO Nadella calls A.I.-powered search biggest thing for company since cloud 15 years ago

The financial offices of banks in the financial district of Canary Wharf, are pictured from Greenwich Park in London on January 17, 2017.

Ben Stansall | AFP | Getty Images

The European Commission has fined five banks for participating in an illegal foreign exchange trading cartel.

UBS, Barclays, RBS, HSBC and Credit Suisse were fined a combined total of 344 million euros ($390 million), the commission said in a statement Thursday.

The investigation, focused on the trading of G-10 currencies, revealed that foreign exchange traders in these five banks discussed sensitive information and trading plans. They occasionally coordinated their trading plans via a professional online chatroom called Sterling Lads, the commission said.

Four of the banks’ fines — UBS, Barclays, RBS and HSBC — were discounted by 10% as they acknowledged their participation in the cartel.

Credit Suisse did not benefit from this reduction as it did not cooperate with authorities, the commission said. Its fine was reduced by 4% to reflect that the bank was not liable for all aspects of the case, however.

UBS ultimately does not have to pay any fine as the bank received “full immunity” for revealing the existence of the cartel.

“Our cartel decisions to fine UBS, Barclays, RBS, HSBC and Credit Suisse send a clear message that the Commission remains committed to ensure a sound and competitive financial sector that is essential for investment and growth,” Margrethe Vestager, Europe’s competition chief, said in a statement.

UBS and Barclays were not immediately available when contacted by CNBC Thursday. Credit Suisse and HSBC declined to comment.

A spokesperson for NatWest, the parent company of RBS, told CNBC via email: “We are pleased to have reached this settlement regarding serious misconduct that took place in a single chatroom, and that involved a former employee of the bank, around a decade ago.”

ShareTweetPin

Related Posts

Chipotle Mexican Grill misses expectations for earnings, revenue and same-store sales

by
February 8, 2023
0

In this article CMG Follow your favorite stocksCREATE FREE ACCOUNT A Chipotle restaurant and signage is seen on February 09,...

Microsoft CEO Nadella calls A.I.-powered search biggest thing for company since cloud 15 years ago

by
February 8, 2023
0

In this article MSFT Follow your favorite stocksCREATE FREE ACCOUNT Microsoft CEO Satya Nadella said on Tuesday that search powered...

Analysts love these stocks with big upside to play the ChatGPT-driven artificial intelligence craze

by
February 8, 2023
0

Every few years there's a surge of renewed buzz around artificial intelligence. With the current hype around ChatGPT and its...

Stocks moving in after-hours: Chipotle, VF Corp, Fortinet, Enphase Energy

by
February 8, 2023
0

S&P 500 4,164.00 +52.92(+1.29%)   Dow 30 34,156.69 +265.67(+0.78%)   Nasdaq 12,113.79 +226.34(+1.90%)   Russell 2000 1,972.61 +14.89(+0.76%)   Crude...

Chipotle Mexican Grill misses expectations for earnings, revenue and same-store sales

by
February 7, 2023
0

In this article CMG Follow your favorite stocksCREATE FREE ACCOUNT A Chipotle restaurant and signage is seen on February 09,...

Next Post

Alibaba Stock Hits Record Low in Hong Kong Amid Delisting Concerns. Here’s What to Know.

Stocks making the biggest moves premarket: Snowflake, Boeing, Apple and more

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Crocs sees fourth-quarter sales up 42%, CEO Andrew Rees says 2021 was ‘exceptional year’

    0 shares
    Share 0 Tweet 0
  • Biden didn’t accept Putin’s ‘red lines’ on Ukraine – here’s what that means

    0 shares
    Share 0 Tweet 0
  • Buying a car from the factory sounds expensive, but it can actually save you money. Here’s how to do it.

    0 shares
    Share 0 Tweet 0
  • The states that won’t tax military retirement in 2022

    0 shares
    Share 0 Tweet 0
  • Roth TSP vs. Roth IRA: How Do They Compare?

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.stockmarket-cafe.com
No Result
View All Result
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.stockmarket-cafe.com