Switzerland: Regulator fines banks for fixing forex trading

Switzerland: Regulator fines banks for fixing forex trading

Five banks have been fined a total of 90 million Swiss francs (US$90.9 million) for colluding to rig the foreign exchange market, Switzerland’s competition authority announced on Thursday, June 6. The fines are the latest fall out from a scam which led to them being fined €1.07 billion (US$1.20 billion) last month by the European […]

EU: Seven banks face EU antitrust fines for forex rigging: sources

Barclays, Citigroup, HSBC, JPMorgan and three other banks are set to be fined by EU antitrust regulators in coming weeks for rigging the multi-trillion dollar foreign exchange market, two people familiar with the matter said. The other three lenders are Royal Bank of Scotland, UBS and a small Japanese bank, the people said. The banks […]

US: Deutsche Bank ends Libor suit for US$240M

US: Deutsche Bank ends Libor suit for US$240M

Deutsche Bank has agreed to pay US$240 million to settle private US antitrust litigation accusing it of conspiring with other banks to manipulate the Libor benchmark interest rate, reported Reuters. The preliminary settlement with the German bank was disclosed in filings on Tuesday, February 27, with the US District Court in Manhattan, and requires a […]

South Africa: Citigroup pays $5.4 million in rand-rigging probe

South Africa: Citigroup pays $5.4 million in rand-rigging probe

Citigroup agreed to pay a penalty of almost $5.4 million to settle a South African antitrust investigation that said the US bank participated in an alleged cartel to manipulate the value of the rand. “There could well be other settlements now that it seems the parties are prepared to come forward,” Patrice Rassou, head of […]

South Africa: Citigroup, Barclays help in rand probe to avoid fine

South Africa: Citigroup, Barclays help in rand probe to avoid fine

Citigroup and Barclays won’t be targeted for fines by South African antitrust authorities for colluding to manipulate the value of the rand because they co-operated with regulators, three people familiar with the matter said. While they may not yet have full indemnity, their disclosures to the Competition Commission could save them from being penalized if […]

US: FX ‘Cartel’ traders to face rigging charges

US: FX ‘Cartel’ traders to face rigging charges

Prosecutors are poised to charge the currency traders at the heart of one of the biggest US market-rigging investigations, according to people familiar with the matter. The imminent criminal charges are against members of ‘The Cartel’ chat group, the people said. These traders used instant messages to coordinate the rigging of foreign-exchange benchmarks by sharing […]