EU Fines 5 Banks $1.2 Billion In ‘FX Cartel’ Case

Original post

Over the past few years, US prosecutors fined more than a dozen banks $11.8 billion over allegations of collusion and manipulation in the FX market – a case that helped upend the culture of traders sharing “market color” in Bloomberg chatrooms. Those same banks have reached other settlements over behavior tied to the ‘FX Cartel’ not only in the US, but also in the UK, with the initial round of penalties coming in 2015.

But in what has become an unceasing loop of punishments, prosecutions and fines, not unlike the rate-rigging and the LIBOR manipulation scandal, it’s now Europe’s turn.

NEU Competition Commissioner Margrethe Vestager on Thursday announced that five banks had agreed to pay fines totaling €1.07 billion ($1.5

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