EU antitrust fines coming for forex rigging

|About: Barclays PLC (BCS)|By:, SA News Editor

Barclays (NYSE:BCS), Citigroup (NYSE:C), HSBC (NYSE:HSBC), JPMorgan (NYSE:JPM) and three other banks are set to be fined by EU antitrust regulators in coming weeks for rigging the multi-trillion dollar foreign exchange market, Reuters reports.

The other three lenders are Royal Bank of Scotland (NYSE:RBS), UBS (NYSE:UBS) and a small Japanese bank. The banks will see a 10% cut in their fines for admitting wrongdoing.

Barclays, BNP Paribas, Citigroup, JPMorgan, RBS and UBS have entered related guilty pleas in a U.S. case, and been collectively fined more than $2.8B.

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