The Three Way Banana Split infringement encompasses communications in three different, consecutive chatrooms (“Three way banana split / Two and a half men / Only Marge”) among traders from UBS, Barclays, RBS, Citigroup and JPMorgan. The infringement started on 18 December 2007 and ended on 31 January 2013.
The Essex Express infringement encompasses communications in two chatrooms (“Essex Express ‘n the Jimmy” and “Semi Grumpy Old men”) among traders from UBS, Barclays, RBS and Bank of Tokyo-Mitsubishi (now MUFG Bank). The infringement started on 14 December 2009 and ended on 31 July 2012.
BRUSSELS/LONDON - Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined 1.07 billion euros by the European Union on Thursday for rigging the multi-trillion dollar foreign exchange market.
The EU competition enforcer said most of the traders knew each other on a personal basis and set up chatrooms such as "Essex Express 'n the Jimmy", which was given this name because all of them except "James" lived in Essex, to the east of London, and met on their train commute to the British capital.
The five-year investigation found nine traders spread across the banks exchanged sensitive information and trading plans in the chatrooms and occasionally co-ordinated trading strategies.
Occasionally the traders would co-ordinate trading activity, for example through a practice called 'standing down' whereby some of the group would temporarily stop trading to avoid interfering with others, the commission said.
BANANA SPLIT. The "Three Way Banana Split" cartel, made up of traders at UBS, Barclays, RBS, Citigroup and JP Morgan, was handed a fine totaling 811.2 million euros.
U.S. prosecutors have charged a handful of former traders over forex rigging.
BRUSSELS - Barclays, Citigroup, HSBC, JPMorgan and three other banks are set to be fined by EU antitrust regulators in the coming weeks for rigging the multitrillion dollar foreign exchange market, two people familiar with the matter said.
The other three lenders are Royal Bank of Scotland, UBS and a small Japanese bank, the people said.
The banks will see a 10 percent cut in their fines for admitting wrongdoing.
The EU antitrust enforcer, which has been investigating the case over the last six years and could hand out fines up to 10 percent of a company's global turnover for breaching EU rules, declined to comment.
It is possible the EU could space out its rulings against the banks over several weeks rather than lump them together in one day, the people said.
Barclays, BNP Paribas, Citigroup, JPMorgan, Royal Bank of Scotland and UBS have entered related guilty pleas in a U.S. case, and been collectively fined more than $2.8 billion.
The bank later successfully applied for an SEC waiver, meaning that in the end, Deutsche Bank faces no restrictions in connection with the massive manipulation of the world's benchmark interest rates.
Given all of this it should come as no surprise that although multiple TBTF banks are reportedly set to settle FX rigging allegations and plead guilty to the charges, concerns about the "Disruption of business" will very likely allow Wall Street to dodge many of the consequences that should, by law, accompany their admissions of guilt.
The parent companies or main banking units of as many as five major banks, rather than their smaller subsidiaries, are expected to plead guilty to U.S. criminal charges over manipulation of foreign exchange rates, people familiar with the matter said.
A handful of banks will likely resolve forex-rigging investigations by the U.S. Justice Department as soon as this week: JPMorgan Chase & Co, Citigroup, British banks Royal Bank of Scotland and Barclays and Swiss bank UBS....
Last year, when Swiss bank Credit Suisse AG pleaded guilty in the United States to helping wealthy Americans evade taxes, it became largest institution in over 20 years to plead to criminal wrongdoing.
Perhaps regulators would do well to recall just how many "Innocent" people lost their jobs and watched in horror as their 401ks were cut in half when the very same type of chicanery to which these banks are now pleading guilty collapsed the entire system and plunged the world into the deepest recession since 1930.
Barclays CEO Jes Staley under investigation over links with Jeffrey Epstein By Mark Thompson and Hanna Ziady , CNN Business Updated 12:46 PM ET, Thu February 13, 2020 Earlier this year, Barclays said it was changing a system that the bank was piloting, which tracked how employees spent their time at work, after critical media reports accused the bank of spying on its staff. The ICO said on Sunday a formal probe was ongoing but it could not say when the investigation would conclude. Barclays Bank UK PLC. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 759676). Barclays Bank UK PLC adheres to The Standards of Lending Practice which is monitored and enforced by The Lending Standards Board. Further details can be found at www.lendingstandardsboard ... The European Commission said Thursday that it had fined Barclays, Citigroup, JPMorgan Chase, Mitsubishi UFJ Financial Group and the Royal Bank of Scotland a combined 1.07 billion euros, about $1.2 ... Barclays has already taken a £2.05bn provision primarily to cover the cost of its forex settlement, so the fines will not hit future earnings. But they are likely to push up its capital ... Barclays is involved in the new investigation by global regulators into the potential manipulation of the £3tn-a-day currency markets, in a fresh setback for the bank as it attempts to clean up ... Barclays was open and cooperative with the FCA during this investigation and has committed significant resources to improving its business practices and associated controls. Notes to editors The Final Notice for Barclays Bank Plc and a summary of the FX market and example of attempted manipulation at Barclays Bank Plc. The FX market is one of ... A Barclays spokesman said on Wednesday that the bank had been co-operating with the DoJ investigation and that the incident involved a single transaction that pre-dated improvements to its procedures. The first decision (so-called “Forex - Three Way Banana Split” cartel) imposes a total fine of €811 197 000 on Barclays, The Royal Bank of Scotland (RBS), Citigroup and JPMorgan. The second decision (so-called “Forex- Essex Express” cartel) imposes a total fine of €257 682 000 on Barclays, RBS and MUFG Bank (formerly Bank of Tokyo-Mitsubishi). UBS is an addressee of both decisions ... Barclays faces an investigation by the data watchdog over its use of software to spy on staff, putting it at risk of a fine of up to £865m in a fresh blow for the beleaguered bank.. The lender ...
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Barclays chief executive Jes Staley will lose his annual bonus after two UK regulators opened an investigation into his conduct in a whistleblowing case. Lex's Jonathan Eley and Christopher ... As regulators investigate Barclays and its chief executive over their handling of a whistleblower's identity, Nicholas Wilson, who campaigned for years about... £2 billion was wiped off Barclay's market cap as the investigation by New York Attorney General Eric Schneiderman was announced. It relates to activities in Barclays' 'Dark Pools', places that ... Barclays Bails Out of Settlement As other banks pay fines for Forex rigging Barclays is holding out, apparently in hopes of getting a better deal. It may be that the bank wants assurance that when ... In a scandal that triggered a CEO resignation, an investigation and basic questions about the integrity of the financial system, British bank Barclays paid $450 million in fines last week to ... More global banks are being investigated for the alleged financial market manipulation that led to fines of $453 million against Barclays Bank. (June 28) Subscribe to the Associated Press: http ... This video is unavailable. Watch Queue Queue. Watch Queue Queue