EU fines five banks $1.2 billion for foreign exchange rigging

EU fines five banks $1.2 billion for foreign exchange rigging

Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined 1.07 billion euros ($1.2 billion) by the European Union on May 16 for rigging the multi-trillion dollar foreign exchange market. The financial industry has been hit with billions of euros in fines worldwide over the last decade for the rigging of benchmarks used in many day-to-day financial transactions.

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Moneycontrol

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