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EU fines five banks for valutafixning

They were fined the banks, whose employees have been using various chat forums to rig exchange rates, british Barclays and Royal Bank of Scotland, japanese MUFG and the u.s. Citigroup and JP Morgan.

then they acted as whistle-blowers, and warning the EUROPEAN commission about the two cartels to rig exchange rates.

"the Commission will not tolerate fraudulent behaviour in any sector of the financial market. These banks conduct has undermined the entire sector's integrity at the expense of Europe's economy and consumers", writes the EU commissioner Margrethe Vestager in a statement.

whose course has been manipulated by the cartels. Other currencies involved are the Norwegian and Danish krone, the euro, the british pound, the japanese yen, the swiss franc and the dollar from the united states, Canada, and Australia and New Zealand.

One of the cartels, whose members now have been fined was called "Three Way Banana Split" and lasted from december 2007 to January 2013. The second cartel, called the "Essex Express" ran from december 2009 to July 2012.

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