Banks fined us 3b for rigging forex market
Updated May 21, They said forex traders from the banks had met in an online chatroom brazenly named "the Cartel" to set rates that cheated customers while adding to their own profits in the massive global currencies market. In the far-flung settlement, Barclays Bank, JPMorgan Chase, Citicorp and the Royal Bank of Scotland all pleaded guilty to US Justice Department charges of conspiring to manipulate the massive currency market. Switzerland's UBS meanwhile pleaded guilty to violating fined prior settlement of charges for rigging the Libor interest rate. And Bank of America was included with the other five in fines levied by the US Federal Reserve fined the banks rigging case. Traders from the banks, communicating banks the Cartel chatroom, agreed to withhold bids or for for euros or dollars at distinct times to protect each other's trading positions, the Justice Department said. The banks involved represented at least one-fourth of dollar-euro transactions each year and "were uniquely positioned to manipulate the market", said assistant attorney-general Bill Baer. The Barclays sum was high because it had not participated in the November settlement between several banks and the FCA, DFS and CFTC. Georgina Philippou, the FCA's director of enforcement, called Barclays' role "another example of a firm allowing unacceptable practices to flourish on the trading floor". Barclays chief executive Antony Jenkins said he regretted that "some individuals" within the bank "have once more brought our company and industry into disrepute". But, because it offered early cooperation in the forex rigging case, the Swiss bank earned conditional immunity from those charges. First posted May 21, If you have inside knowledge of a for in the news, contact the ABC. By consumer affairs reporter Amy Bainbridge and the National Reporting Team's Rebecca Armitage. By Market America correspondent Conor Duffy. In the world of seed dating you can expect to get dirty with a partner within the first six minutes. This service may include material from Agence France-Presse AFPAPTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. Open Sites menu ABC Home News iview TV Radio Kids Shop More. News Home Just In Australia World Trump's America Business Sport Science Forex Analysis Programs More. Nigel Roddis, file photo: UBS cheats target key Australian interest rate. Business news in your inbox Subscribe to get ABC News delivered forex your emailincluding top business headlines, plus the day's top news and analysis and alerts on major breaking stories. 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Next to Rabbit Hill is a house called the Big House with a patch of land for crops.