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EU Regulators Fine Five Banks For Forex Spot Trading Cartels
European Union regulators on Thursday fined five global banks a total of 1.07 billion euros, or $1.2 billion, for participating in foreign exchange spot trading cartels and manipulating the foreign-exchange currency market. The five banks are Barclays plc (BCS,BARC.L), Royal Bank of Scotland Group Plc (RBS,RBS.L), Citigroup Inc. (C), JPMorgan Chase & Co. (JPM) and Japan's MUFG Bank, formerly known as Bank of Tokyo-Mitsubishi. The banks will pay fines ranging between 69.7 million euros and 310.8 million euros, with Citibank handed the biggest fine. Swiss bank UBS Group AG (UBS) was exempted from a fine of about 285 ... (full story)