FCA fines Barclays £284,432,000 for forex failings FCA

We need crypto currencys...

European Commission - Press release Antitrust: Commission fines Barclays, RBS, Citigroup, JPMorgan and MUFG €1.07 billion for participating in foreign exchange spot trading cartel Brussels, 16 May 2019
In two settlement decisions, the European Commission has fined five banks for taking part in two cartels in the Spot Foreign Exchange market for 11 currencies - Euro, British Pound, Japanese Yen, Swiss Franc, US, Canadian, New Zealand and Australian Dollars, and Danish, Swedish and Norwegian crowns.
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, but was not fined as it revealed the existence of the cartels to the Commission.
Commissioner Margrethe Vestager, in charge of competition policy said:“Companies and people depend on banks to exchange money to carry out transactions in foreign countries. Foreign exchange spot trading activities are one of the largest markets in the world, worth billions of euros every day. Today we have fined Barclays, The Royal Bank of Scotland, Citigroup, JPMorgan and MUFG Bank and these cartel decisions send a clear message that the Commission will not tolerate collusive behaviour in any sector of the financial markets. The behaviour of these banks undermined the integrity of the sector at the expense of the European economy and consumers”.
Foreign Exchange, or “Forex”, refers to the trading of currencies. When companies exchange large amounts of a certain currency against another, they usually do so through a Forex trader. The main customers of Forex traders include asset managers, pension funds, hedge funds, major companies and other banks.
Forex spot order transactions are meant to be executed on the same day at the prevailing exchange rate. The most liquid and traded currencies worldwide (five of which are used in the European Economic Area) are the Euro, British Pound, Japanese Yen, Swiss Franc, US, Canadian, New Zealand and Australian Dollars, and Danish, Swedish and Norwegian crowns.
The Commission's investigation revealed that some individual traders in charge of Forex spot trading of these currencies on behalf of the relevant banks exchanged sensitive information and trading plans, and occasionally coordinated their trading strategies through various online professional chatrooms.
The commercially sensitive information exchanged in these chatrooms related to:
1) outstanding customers' orders (i.e. the amount that a client wanted to exchange and the specific currencies involved, as well as indications on which client was involved in a transaction),
2) bid-ask spreads (i.e. prices) applicable to specific transactions,
3) their open risk positions (the currency they needed to sell or buy in order to convert their portfolios into their bank's currency), and
4) other details of current or planned trading activities.
The information exchanges, following the tacit understanding reached by the participating traders, enabled them to make informed market decisions on whether to sell or buy the currencies they had in their portfolios and when.
Occasionally, these information exchanges also allowed the traders to identify opportunities for coordination, for example through a practice called “standing down” (whereby some traders would temporarily refrain from trading activity to avoid interfering with another trader within the chatroom).
Most of the traders participating in the chatrooms knew each other on a personal basis - for example, one chatroom was called Essex Express ‘n the Jimmy because all the traders but “James” lived in Essex and met on a train to London. Some of the traders created the chatrooms and then invited one another to join, based on their trading activities and personal affinities, creating closed circles of trust.
The traders, who were direct competitors, typically logged in to multilateral chatrooms on Bloomberg terminals for the whole working day, and had extensive conversations about a variety of subjects, including recurring updates on their trading activities.
The Commission's investigation revealed the existence of two separate infringements concerning foreign exchange spot trading:
The following table details the participation and the duration of each company's involvement in each of the two infringements:
Company
Start
End
Three Way Banana Split / Two and a half men/ Only Marge
UBS
Barclays
RBS
Citigroup
JP Morgan
10/10/2011
18/12/2007
18/12/2007
18/12/2007
26/07/2010
31/01/2013
01/08/2012
19/04/2010
31/01/2013
31/01/2013
Essex Express / Semi Grumpy Old men
UBS
Barclays
RBS
Bank of Tokyo-Mitsubishi (now MUFG Bank)
14/12/2009
14/12/2009
14/09/2010
08/09/2010
submitted by smaakmaker to CryptoCurrency [link] [comments]

Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined $1.2 billion by the European Union on Thursday for rigging the multi-trillion dollar foreign exchange market.

This is the best tl;dr I could make, original reduced by 76%. (I'm a bot)
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.
Summary Source | FAQ | Feedback | Top keywords: traders#1 Bank#2 fine#3 cartel#4 Commission#5
Post found in /worldnews.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

Seven banks face EU antitrust fines for forex rigging: sources

This is the best tl;dr I could make, original reduced by 46%. (I'm a bot)
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.
Summary Source | FAQ | Feedback | Top keywords: Bank#1 fine#2 Royal#3 JPMorgan#4 antitrust#5
Post found in /worldnews and /europe.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

Wall Street To Enter Hollow Guilty Plea On FX Rigging, Return To Business As Usual

This is an automatic summary, original reduced by 74%.
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.
Summary Source | FAQ | Theory | Feedback | Top five keywords: Bank#1 guilty#2 plead#3 billion#4 institution#5
Post found in /worldpolitics and /conspiracy.
NOTICE: This thread is for discussing the submission topic only. Do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

Banks Pay Fines for Forex Rigging Barclays Investigation Puts Scrutiny on Banks Barclays chief faces investigation  Lex Britain's Barclays Investigated for Rigging Libor Rates Barclays boss reprimanded for whistleblower allegations Barclays boss Jes Staley under investigation by FCA over Jeffrey Epstein links Barclays investigated for fraud!

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 ...

[index] [20687] [16540] [15635] [125] [19261] [29306] [17006] [28718] [13422] [4195]

Banks Pay Fines for Forex Rigging

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

https://arab-binary-option.chakguico.gq