EU penalises Barclays, Credit Suisse, HSBC and NatWest with $390M fine for rigging foreign exchange spot trading market
EU antitrust regulators have fined Barclays, Credit Suisse, HSBC and NatWest a total of $390 million for rigging the foreign exchange spot trading market.
The EU competition regulator said on Thursday the cartel had focused on forex spot trading of G10 currencies. "Today we complete our sixth cartel investigation in the financial sector since 2013 and conclude the third leg of our investigation into the foreign exchange spot trading market," EU antitrust chief Margrethe Vestager said.UBS, on the other hand, avoided a $106 million fine as it had alerted the European Commission about the cartel, which was set up via a chatroom known as "Sterling Lads".
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