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EU Fines Five Major Banks 1 Bn Euros For Currency Collusion

Faizan Hashmi Published May 16, 2019 | 03:30 PM

EU fines five major banks 1 bn euros for currency collusion

The EU's powerful anti-trust authority on Thursday fined five major banks -- including Barclays and Citigroup for collusion in the massive foreign exchange currency market

Brussels, (UrduPoint / Pakistan Point News - 16th May, 2019 ):The EU's powerful anti-trust authority on Thursday fined five major banks -- including Barclays and Citigroup -- for collusion in the massive foreign exchange currency market.

The European Commission fined Barclays, the Royal Bank of Scotland, Citigroup, JPMorgan and Japan's MUFG Bank a total of 1.07 billion euros after finding that traders colluded to fix exchange rates using chat rooms, a statement said.

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