By CCN: European Union regulators fine five major banks including JPMorgan – the biggest bank in the US – for taking part in spot foreign exchange (FX) trading cartels. The regulators found price fixing for all major currency areas including the US, Europe, and Australasia. In total, 11 currencies were included in the scam, including the most traded pairs for the Dollar, Euro, Pound, and the Yen. We fine Barclays, RBS, Citigroup, JPMorgan and MUFG €1.07 billion for participating in foreign exchange spot trading cartel.The behaviour of these banks undermined the integrity of the sector at the expense of the
The post JPMorgan in FX Fraud Banking ‘Cartel’ Choked by EU with Staggering €1 Billion Fine appeared first on CCN
* First published on ccn.com
