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"The coordination of certain G10-currencies took place in chatrooms."

dmedin

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dmedin Super Contributor

dmedin

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Ladies and gentleman, the financial services industry in a nutshell.

Authorities in Switzerland have fined five banks, including Royal Bank of Scotland (RBS) and Barclays, for fixing foreign exchange trading through cartels dubbed "Three Way Banana Split" and "Essex Express".

...

"Participants in the 'Essex Express' cartel (from 2009 to 2012) were traders of Barclays, MUFG Bank, RBS and UBS.

"The coordination of certain G10-currencies took place in chatrooms."

Barclays was fined £21.5m while RBS was ordered to pay £17.8m. The banks were yet to give their responses to the additional penalties.

https://uk.finance.yahoo.com/news/barclays-rbs-fined-fixing-currency-055600050.html

 

Fining RBS £17.8 million is like docking a kid's pocket money by 50p for a week.

 

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