Wait...
  1. Home >
  2. Export Import News >
  3. Foreign Exchange >
  4. Citigroup, JPMorgan among banks fined $1.2 billion in forex probe >
  5. Citigroup, JPMorgan among banks fined $1.2 billion in forex probe

Online Export Import Data Search

Complete Training Video : Click Here

Citigroup, JPMorgan among banks fined $1.2 billion in forex probe.


Date: 17-05-2019
Subject: Citigroup, JPMorgan among banks fined $1.2 billion in forex probe

Citigroup Inc., Royal Bank of Scotland Group Plc and JPMorgan Chase & Co. are among five banks that agreed to pay European Union fines of about 1.07 billion euros ($1.2 billion) for colluding on foreign-exchange trading strategies. 

Citigroup was fined 310.8 million euros, RBS will pay 249.2 million euros and JPMorgan’s penalty was 228.8 million euros, the European Commission said in a statement on Thursday. Barclays Plc was fined 210.3 million euros and Mitsubishi UFJ Financial Group Inc. must pay nearly 70 million euros. 

Traders ran two cartels on online chatrooms, swapping sensitive information and trading plans that allowed them make informed decisions to buy or sell currencies, the regulator said. 

"Foreign exchange spot trading activities are one of the largest markets in the world, worth billions of euros every day," EU Competition Commissioner Margrethe Vestager said. "These cartel decisions send a clear message that the commission will not tolerate collusive behavior in any sector of the financial markets." 

While large, the cartel fines are lower than a 1.3 billion euro penalty for banks five years ago for rigging Euribor rates and below a record 3.8 billion euro penalty for collusion between truckmakers. 

UBS Group AG escaped a fine because it was the first to tell regulators about the collusion. The five banks won reduced penalties by striking a settlement with the EU that won’t allow them challenge the EU’s findings. Credit Suisse Group AG was separately charged by the EU over FX collusion last year and a fine may come at a later date. 

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 19-09-2019



Date: 17-09-2019
Notification No. 30/2019-Customs
Seeks to amend notification No. 50/2017-Customs dated 30.06.2017 to reduce basic customs duty on Open cell (15.6” and above) for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels and certain goods for use in the manufacture of Open cell of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels.

Date: 14-09-2019
NOTIFICATION No. 37/2019-Customs (ADD)
Seeks to impose the definitive anti-dumping duty on the imports of "Electrical Insulators" originating in, or/and exported from China PR.

Date: 14-09-2019
NOTIFICATION No. 36/2019-Customs (ADD)
Seeks to rescind notification No. 11/2015-Customs (ADD) dated 11th April, 2015.

Date: 13-09-2019
Notification No. 64/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg

Date: 13-09-2019
Public Notice No. 33/2015-2020
Annexure I to Appendix 2A revised.

Date: 13-09-2019
PUBLIC NOTICE NO. 32/2015-2020
Enlistment under Appendix 2E of M/s Expo Overseas Entrepreneurs Association (EOEA) Indore Madhya Pradesh- Authorized to issue Certificate of Origin (Non-Preferential)- reg.

Date: 13-09-2019
Notification No. 65/ 2019-Customs (N.T.)
Amending Notification No. 12/97-CUSTOMS (N.T.), dated the 2nd April, 1997 so as to include Barhi, Distt Sonepat, Haryana

Date: 13-09-2019
Circular No. 31/2019-Customs
Revised Norms for Execution of Bank Guarantee under Advance Authorisation, DFIA and EPCG Schemes

Date: 12-09-2019
Notification No. 43/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by DGRI -reg.



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001