The European Union (EU), UBS, Barclays, RBS, HSBC and Credit Suisse banks reported that they formed a cartel in spot transactions in the international foreign exchange market.
Barclays, RBS, HSBC and Credit Suisse fined 344.4m euros, UBS that exposed the cartel was exempted
European Commission Senior Vice President Margrethe Vestager announced that the cartel investigations regarding spot transactions in the foreign exchange market have been completed.
CARTEL ESTABLISHED IN MANY CURRENCY
In the statement; It was noted that between 2007 and 2013, UBS, Barclays, RBS, HSBC and Credit Suisse banks formed a cartel in the transactions of euro, British pound, Japanese yen, Swiss franc, US, Canadian, New Zealand and Australian dollars and Danish, Swedish and Norwegian kroner.
In the statement, it was reminded that the collusion of 5 banks harmed the financial sector, and it was stated that the said behavior of the banks was contrary to EU rules.
It has been reported that four banks were fined 174 million 281 thousand euros, Credit Suisse 83 million 294 thousand euros, Barclays 54 million 348 thousand euros and RBS 32 million 472 thousand euros, totaling 344 million 395 thousand euros. In the statement, it was stated that UBS was not punished for revealing the cartel.
The EU Commission has the authority to inspect companies operating in EU countries whether there is an anti-competitive situation in their sectors.
If the EU Commission detects a violation of competition or antitrust laws in the said investigation, it ends it and imposes high fines on companies.
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