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Billion penalty against the banks – UBS enjoys immunity

The EU's competition authorities have imposed a multi-billion penalty for illegal cartel agreements against five big banks. UBS comes to mind with no buses, because it has revealed the existence of the cartel.

JPMorgan, Barclays, RBS, Citigroup and Mitsubishi UFG a total of 1.07 billion euros, the EU Commission announced on Thursday in Brussels. The Swiss big Bank UBS has received in the procedure according to the EU Commission, meanwhile, is full immunity. So, the Bank avoided a fine in the amount of approximately 285 million euros, it said.

strategies on the Internet Chats coordinates

The Bank was relieved: "We have since invested a lot to strengthen our control mechanisms and we are glad to have this matter settled." It was a burden of the past and the UBS was the first Bank, the potential to fail had been reported in behavior.

The authority looked at it as proved, that the currency traders exchanged for the banks to sensitive information and trading intentions and their strategies from time to time, co-ordinated via the Internet Chats. The exchange transactions in euros, US dollars and Swiss francs.

"The exchange of money for foreign business need businesses and individuals to banks", - said the responsible EU Commissioner, Margrethe Vestager. "The foreign exchange spot market, the one of the world's largest markets, has a trade volume of several billion euros per day." (Dec/sda)

Created: 16.05.2019, 15:08 PM

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