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Swiss regulator fines Citigroup, others $91m over FX cartel



Citigroup and Barclays are among global banks fined about CHF (Swiss Franc) 90 million ($91 million) by Switzerland’s competition regulator for their roles in running a foreign exchange trading cartel.


Switzerland’s Competition Commission stated that Barclays was fined CHF 27 million, while Citigroup was handed a CHF 28.5 million sanction and JPMorgan Chase & Co was hit with a CHF 9.5 million fine.


UBS Group was exempted for its role in revealing the existence of the cartel.


Five of the banks agreed last month to pay EUR 1.07 billion in fines to the European Union for their forex collusion.


The Swiss regulator said that traders at Barclays, Citigroup as well as JPMorgan, Royal Bank of Scotland Group (RBS) and UBS colluded using the ‘Three-way banana split’ cartel over six years, while traders at Barclays, MUFG Bank as well as RBS and UBS operated the so-called Essex Express to fix trades in a similar manner between 2009 and 2012.


Additionally, the Swiss regulator RBS was fined CHF 22.5 million and MUFG Bank, CHF 1.5 million. An investigation into Credit Suisse Group’s role is continuing, while probes into Bank Julius Bär & Co and Zürcher Kantonalbank have been concluded, without saying if those two banks will be sanctioned

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