EU fines Barclays, HSBC, Credit Suisse for forex cartel
Business Standard|December 03, 2021
EU antitrust regulators on Thursday fined Barclays, Credit Suisse, HSBC, and NatWest €344 million ($390 million) for foreign exchange market rigging, closing a key chapter in a high-profile investigation.
FOO YUN CHEE

UBS avoided a €94 million fine by alerting the European Commission to the cartel, which was set up via a chatroom known as “Sterling Lads”.

HSBC received the largest fine at €174.3 million, followed by Credit Suisse at €83.3 million, Barclays at €54.3 million and RBS at €32.5 million. Barclays, HSBC and RBS – known as NatWest since a rebranding admitted wrongdoing in return for a reduced penalty.

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