BRITISH AND SWISS BANKS FINED EUR344 OVER ‘STERLING LADS’ ONLINE FOREX CARTEL
December 2nd, 2021
British and Swiss banks have been fined a total of EUR344 million for operating a cartel coordinating their foreign exchange (forex) spot trades of the world’s 11 most important currencies – USD, EUR, GBP, Japanese Yen, Swiss francs; Canadian, Australian and New Zealand dollars; Danish and Norwegian krone and Swedish Kroner.
The European Commission has fined HSBC EUR174.2 million; Barclays EUR54.3 million; RBS EUR32.4 million; and Credit Suisse EUR83.2 million. Another Swiss bank UBS escaped a fine for revealing the existence of the cartel, despite being a ...
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