Five banks have been fined €1.07bn (£935m) by the European Commission after traders clubbed together to rig the foreign exchange market. Four banks in the "Banana Split" cartel - Barclays, RBS, Citigroup, Barclays, JPMorgan Chase, RBS and UBS have been hit with the new penalties related to their attempts to rig foreign currency markets in their favor. Barclays and RBS are among five banks being sued in the UK over allegations of rigging the foreign exchange market. The banks are facing a class action claim by investors understood to be in excess of £1bn, alongside US giants JP Morgan and Citigroup and the Swiss Bank UBS. Royal Bank of Scotland has suspended two more foreign exchange traders in London on suspicion of market manipulation as part of an investigation into currency rigging by American regulators. RBS Suspends Two Employees as Part of Foreign Exchange Probe –Reuters RBS Said to Give Bad Bank Chief Responsibility for Trading Unit –Bloomberg The Royal Bank of Scotland trader arrested last month as part of the Serious Fraud Office’s investigation into alleged rigging of the $5tn-a-day foreign-exchange market was Paul Nash. Mr Nash Traders at Barclays, Citigroup, JP Morgan, RBS and UBS took part in a “three way banana split” cartel between 2007 and 2013 to manipulate the forex market, the Swiss competition regulator Weko A New York federal judge has rejected a bid by investors seeking to restore Royal Bank of Scotland PLC and Societe Generale to the list of foreign exchange dealers tied to a proposed class action
A former trader at Royal Bank of Scotland has become the first UK banker to be arrested on suspicion of rigging the £3.5trillion a day foreign exchange market Six banks, including RBS and HSBC, HSBC alone was fined £216m in the UK and $275m in the US (Reuters) Royal Bank of Scotland and HSBC are among six major international banks given record fines totalling £2.6bn for rigging the Five banks have been fined €1.07bn (£935m) by the European Commission after traders clubbed together to rig the foreign exchange market. Four banks in the "Banana Split" cartel - Barclays, RBS,
Barclays
In December, the RBS FX trader who was arrested in connection to the Fx probe by the serious Fraud Office has been identified as Paul Nash, a pound spot trader suspended by RBS in October 2013. He holds an infamous record as the first person in the world to be arrested by authorities as part of an ongoing probe into whether the world’s largest financial markets was rigged. 16.05.2019 RBS said all but six of the 21 staff implicated had either rigging fired or had already left the bank. The remainder were being disciplined. RBS will cut million pounds from its bonus pool, including rigging back awards from previous years, to pay forex U. RBS and HSBC among banks fined £2.6bn for forex rigging. Foreign exchange rate fixing scandal suggests little has changed in banking culture 16.05.2019 16.05.2019
In two similar disputes in 2016 and 2018, Judge Schofield declined to clear RBS and SocGen from suits claiming that the banks manipulated benchmark foreign exchange rates. RBS trader arrested in forex rigging probe named in court records. He is the first person in the world to be arrested by authorities as part of a sprawling investigation into whether forex Nov 12, 2014 · HSBC alone was fined £216m in the UK and $275m in the US (Reuters) Royal Bank of Scotland and HSBC are among six major international banks given record fines totalling £2.6bn for rigging the