Single dealer should have replaced sensitive information: Because of the illicit formation of a cartel of five large banks to pay a fine in the amount of 1.07 billion euros. The EU Commission decided. The supervision of competition in the European Union.

banks Barclays, RBS, Citigroup, JPMorgan, and Japan’s MUFG are Affected. The Commission regards it as proven that individual traders have exchanged information and trading intentions over chat on the Internet. So you should have strategies to exchange transactions in eleven currencies together in a coordinated way. The Swiss Bank UBS have reported the illegal collusion, that is why you get no penalty.

The scope of this offence were explained to the responsible EU competition Commissioner Margrethe Vestager: “The exchange of money for foreign business need businesses and individuals to banks. The spot foreign exchange market, one of the world’s largest markets, has a trade volume of several billion euros per day.”

In the European elections on may 26. May the EU Commissioner Vestager as the top candidate of the Alliance of liberals and Democrats for Europe (Alde).

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