EU fines 4 banks $390M in foreign exchange trading cartel

Dec 2, 2021, 3:59 AM | Updated: 4:39 am

BRUSSELS (AP) — The European Union said Thursday that it has fined four major banks a combined $390 million for colluding in a foreign exchange spot trading cartel that allowed them to beat inherent risks in currency deals.

HSBC received the biggest fine of almost $200 million, while Credit Suisse, RBS and Barclays received smaller penalties. UBS was spared a fine because it revealed the cartel, according to the European Commission, the EU’s executive arm.

“The collusive behavior of the five banks undermined the integrity of the financial sector at the expense of the European economy and consumers,” commission Vice President Margrethe Vestager said.

The commission said in a statement that several foreign exchange spot traders “exchanged sensitive information and trading plans, and occasionally coordinated their trading strategies through an online professional chatroom called Sterling Lads.”

Because it revealed the cartel, UBS escaped a fine of $106 million, while Barclays, RBS and HSBC received reductions for cooperating with the EU probe.

.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

FILE - R. Kelly appears during a hearing at the Leighton Criminal Courthouse in Chicago, Sept. 17, ...
Associated Press

R. Kelly sentenced to 30 years in sex trafficking case

Disgraced R&B superstar R. Kelly was sentenced Wednesday to 30 years in prison for using his fame to sexually abuse young fans.
15 hours ago
FILE - The Flint water plant tower is seen, Thursday, Jan. 6, 2022, in Flint, Mich. A Michigan Supr...
Associated Press

EXPLAINER: Years later, Flint water court fight drags on

DETROIT (AP) — Michigan authorities have long promised to hold key officials criminally responsible for lead contamination and health problems arising from a disastrous water switch in Flint in 2014. There’s not much to show more than eight years later. The latest: an extraordinary rebuke Tuesday from the state Supreme Court, which unanimously dismissed indictments […]
15 hours ago
FILE-- Gas is advertised for more than $6 per gallon at a gas station in Sacramento, Calif., Friday...
Associated Press

California lawmakers to vote on $307.9 billion spending plan

SACRAMENTO, Calif. (AP) — California lawmakers on Wednesday will vote on a plan to spend $308 billion in taxpayer money over the next year as the coffers of the world’s fifth largest economy continue to swell during the pandemic. The centerpiece of the operating budget crafted by Democratic Gov. Gavin Newsom and legislative leaders is […]
15 hours ago
FILE - President Joe Biden speaks during the Major Economies Forum on Energy and Climate in the Sou...
Associated Press

Most say nation on wrong track, including Dems: AP-NORC poll

WASHINGTON (AP) — An overwhelming and growing majority of Americans say the U.S. is heading in the wrong direction, including nearly 8 in 10 Democrats, according to a new poll that finds deep pessimism about the economy plaguing President Joe Biden. Eighty-five percent of U.S. adults say the country is on the wrong track, and […]
15 hours ago
Lev Parnas, a former associate of Rudy Giuliani, arrives at the federal courthouse with his wife Sv...
Associated Press

Giuliani’s former Ukraine fixer gets 20 months in prison

NEW YORK (AP) — Lev Parnas, an associate of Rudy Giuliani who was a figure in President Donald Trump’s first impeachment investigation, was sentenced Wednesday to a year and eight months in prison for fraud and campaign finance crimes. Parnas, 50, had sought leniency on the grounds that he’d cooperated with the Congressional probe of […]
15 hours ago
Follow @ktar923...
Sponsored Content by Arizona Department of Health Services

Great news: Children under 5 can now get COVID-19 vaccine

After more than two years of battle with an invisible killer, we can now vaccinate the youngest among us against COVID-19. This is great news.

Sponsored Articles

...
Dr. Richard Carmona

Great news: Children under 5 can now get COVID-19 vaccine

After more than two years of battle with an invisible killer, we can now vaccinate the youngest among us against COVID-19. This is great news.
...
CANVAS ANNUITY

Best retirement savings rates hit 4.30%

Maximize your retirement savings with guaranteed fixed rates up to 4.30%. Did you know there is a financial product that can give you great interest rates as you build your retirement savings and provide you with a paycheck for life once you retire? It might sound too good to be true but it is not; this product is called an annuity.
...
Carla Berg, MHS, Deputy Director, Public Health Services, Arizona Department of Health Services

Update your child’s vaccines before kindergarten

So, your little one starts kindergarten soon. How exciting! You still have a few months before the school year starts, so now’s the time to make sure students-to-be have the vaccines needed to stay safe as they head into a new chapter of life.
EU fines 4 banks $390M in foreign exchange trading cartel