5 minutes ago1 billion euro fine for London banks from the European Union
Periskopi(7 years ago)
(7 years ago)The European Commission has fined five banks, including the largest ones such as Barclays and RBS with 1 billion and 700 thousand euros in total. The reason is because of their participation in commercial cartel transactions. The Commission has fined banks for participation in two folders called “Thee Way Banana Split” and [...]
The Commission has fined banks for participation in two folders called “Three Way Banana Split” and “Esex Express”.
The investigation found that those responsible for international transactions have exchanged sensitive information and trade plans.
The findings showed how most deals seemed to know about each other and have co-ordinated their trade strategies through online conversation.
These enabled businessmen to decide whether to buy currency, the Commission's official report says.
The sensitive information exchanged in these conversations was related to customer orders, the amounts for specific transactions, open risk positions, and other diets for planned business activities.
Cards came out of a sixth bank called The USB, which was initially involved in the investigation but escaped condemnation thanks to co-operation.
The 11 waves involved in these scandals are euros, pounds, you're Japanese, francs, Canadian dollar, American, Australian and Black Zealand, and Norwegian, Swedish and Danish crust.
Barclays is with headquarters in London.
