Barclays, Citigroup and JP Morgan among banks fined $1.2 billion for forex rigging
Barclays, Citigroup, J.P. Morgan, MUFG and Royal Bank of Scotland have been fined a total of 1.07 billion euros ($1.2 billion) by EU antitrust regulators for rigging the spot foreign exchange market for 11 currencies.
Swiss bank UBS was exempted from a 285 million euro fine since it alerted the existence of two cartels to the European Commission.
A similar case with the U.S. regulators is ongoing where Barclays, BNP Paribas, Citigroup, J.P. Morgan, Royal Bank of Scotland and UBS have entered related guilty pleas, and been collectively fined more than $2.8 billion.
Barclays, JP Morgan among banks facing UK class action over forex-rigging
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LONDON - Barclays, JP Morgan, RBS, UBS and Citigroup are being sued by investors over allegations they rigged the global foreign exchange market, in a test of U.S.-style class actions in Britain. Litigators have long hoped to replicate in Britain the success of U.S. class action claims against banks, including Goldman Sachs, HSBC and Barclays, that have resulted $2.3 billion in settlements for big investors. In May the European Union fined five banks a combined 1.07 billion euros for forex rigging through cartels of traders known as "Essex Express" and "Three Way Banana Split". O'Higgins told Reuters the total value of the claim would depend on the number of forex trades executed in London for UK-domiciled units - which will be automatically included in the action - and the proportional impact of rate rigging on these. CLASS ACTION TEST. The "Massive" action is a "Perfect" case to be brought as a so-called opt-out collective class action for breaches of UK or European Union competition law, David Scott told Reuters. This wrangling has already delayed other class actions and some law firms have chosen a different legal route for offering pension funds, asset managers and other institutional investors the chance to hold banks to account.
(Bloomberg) -- Goldman Sachs Group Inc. is joining the likes of JPMorgan Chase & Co. and BNP Paribas SA in setting up a foreign-exchange trading and pricing platform in Singapore. The platform will go live in the first quarter of next year, with Singapore becoming the company’s fourth global ... JP Morgan holds on to title of Best bank overall for FX at the 2019 FX Week Best Bank Awards 20 Nov 2019; People; Chatroom dealings can benefit trading – Aiyer case expert witness. Academic finds 162 examples of traders matching each other in rand chatroom, generating savings of several thousand dollars per trade In its latest research piece, JP Morgan highlights the importance of the monthly and quarterly position rebalancing to suggest bright spot for global Latest Forex Today: Risk-off, Brexit, and a pinch of hope J.P. Morgan’s FX, Commodities and Rates Trading Platform As a leading liquidity provider, you can trade a breadth of orders across 300* currency pairs, leveraging our diverse order flows and intelligent order routing across multiple ECNS. JP Morgan Dominates Forex Market in 2020 JP Morgan Chase & Co. led other financial firms in the global forex market with a 10.78 percent market share. This was better than the 9.81 percent it held in 2019 before the global pandemic disrupts financial markets and the world’s economy. UBS trailed JP Morgan with an […]
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