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FX market-rigging banks pay more fines, this time to Switzerland
By Hugo Miller and Stefania Spezzati
Bloomberg News
Thursday, June 6, 2019
Citigroup and Barclays are among global banks fined a total of 90 million Swiss francs ($91 million) by Switzerland's competition regulator for their roles in colluding on foreign-exchange rates.
Barclays was fined 27 million francs, Citigroup 28.5 million francs, and JPMorgan Chase & Co. was hit with a 9.5 million-franc penalty, Switzerland's Competition Commission said today. UBS avoided a fine because it helped reveal the cartel.
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The Swiss sanctions come after years of investigation by regulators on both sides of the Atlantic into how traders used chatrooms to fix leading currency exchange rates. Five of the banks agreed last month to pay 1.07 billion euros ($1.2 billion) to resolve a European Union probe into forex collusion. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2019-06-06/swiss-regulator-fines...
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