The European Commission fines Barclays, RBS, Citigroup, JPMorgan and MUFG €1.07 billion for participating in foreign exchange spot trading cartels

On May 16th, 2019, the European Commission announced that it has entered into two settlements decisions with five banks (Barclays, The Royal Bank of Scotland, Citigroup, JPMorgan and MUFG), which have been fined €1.07 billion for taking part in two cartels in the Spot Foreign Exchange market for 11 currencies – namely Euro, British Pound,…