The Swiss competition authority, the Competition Commission, has become the latest jurisdiction to levy fines on six banks related to their dealers’ activity in several chat rooms. COMCO says it has detected several anti-competitive arrangements between banks in foreign exchange spot trading and concluded “amicable” settlements and imposed fines of around CHF 90 million. Therefore, […]
Australia has become the latest location for a class action lawsuit against a group of banks with a law firm filing a cartel class action in the Australian Federal Court claiming the banks “systematically manipulated foreign exchange rates to boost profits at the expense of Australian businesses and investors”. In what has become a familiar […]
The European Union has formally fined five banks a total of EUR 1.07 billion for taking part in what the EU terms two “cartels” in the spot FX market, involving trades in 11 currencies. Two settlement decisions have been announced, the first involves a group called the “Three Way Banana Split” which sees a total […]
A report in the Financial Times says that eight banks are preparing to settle with the European Commission (EC) over allegations they formed a cartel to rig foreign exchange markets. The FT names six of the banks as Barclays, Citi, HSBC, JP Morgan, RBS and UBS and says two others are also preparing to settle. Any settlement may also provide extra impetus for the various legal firms seeking to replicate their success in winning civil settlements from banks in the US, in the European Union.
Six banks are facing a class action lawsuit over alleged abusive practices involving the use of last look in their e-FX businesses.
The six, BNP Paribas (which has already been fined by the New York Department of Financial Services for, amongst other things, it’s broad use of last look), Citi, Credit Suisse, Goldman Sachs, Morgan Stanley and Royal Bank of Scotland face a claim from former retail broker-dealer Alpari (US) in the hundreds of million of dollars according to documents filed in a New York court this week.
The US Commodity Futures Trading Commission has issued an Order filing and settling charges against The Royal Bank of Scotland for attempted manipulation of the ISDAfix benchmark.
The Order requires RBS to pay an $85 million civil monetary penaltyafter it finds that over a five-year period, beginning in January 2007 and continuing through March 2012, the bank, through the acts of multiple traders, attempted to manipulate the US Dollar International Swaps and Derivatives Association Fix, a global benchmark reference in a range of interest rate products.
A US District Court judge has ratified fines against five major banks following their guilty pleas last year over currency market manipulation charges.
US District Judge Stefan Underhill in Bridgeport Connecticut agreed fines for Citi of $925 billion, Barclays $650 million, JP Morgan $550 million, Royal Bank of Scotland $395 million and UBS $203 million after the banks pleaded guilty to FX market abuse in mid-2015. The fines were recommended by the US government and accepted by Judge Underhill last week.