On Thursday 16 May, the European Commission imposed fines totalling €1.07 billion, by means of two settlement decisions per transaction, on several banks for their participation in a foreign exchange spot trading cartel involving several currencies.
“Today, we have fined Barclays, The Royal Bank of Scotland [RBS], Citigroup, JP Morganand MUFG Bank, and these cartel decisions send a clear message that the Commission will not tolerate collusive behaviour in any sector of the financial...