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Five banks fined EUR1.07 billion for forex spot-trading cartels

( May 16, 2019, 09:46 GMT | Official Statement) -- MLex Summary: Barclays, the Royal Bank of Scotland, Citigroup, JPMorgan and MUFG Bank were today fined 1.07 billion euros by the European Commission, for their role in two cartels in the spot foreign exchange market for 11 currencies, including the euro, the pound and the US dollar. UBS escaped fines because it blew the whistle on the cartel, the commission said. Today's decisions ''send a clear message that the commission will not tolerate collusive behavior in the any sector of the financial markets,'' said EU antitrust chief Margrethe Vestager.Statement follows. The full press release including tables is attached. ...

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