Five banks fined more than US$1 billion by EU for rigging multitrillion-dollar foreign exchange market

Five banks including Barclays and Royal Bank of Scotland have been fined a total of more than €1 billion (US$1.1 billion) by the European Union for rigging the multitrillion-dollar foreign exchange market.The European Commission said the banks, which also include Citigroup, JP Morgan and MUFG (Mitsubishi UFJ Financial Group), formed two cartels to manipulate the spot foreign exchange market for 11 currencies, including the US dollar, the euro and the pound.The financial industry has been hit…

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