'Essex Express' cartel sees banks fined €1bn

Five banks have been fined €1.07bn by the European Commission after traders clubbed together to rig the foreign exchange market.

RBS said its €249m share of the fines was"fully covered by existing provisions". Barclays also said it had set aside money to cover the fine.imposed in 2014 by UK, US and Swiss regulatorsUBS, which escaped the latest fines, said:"This is a legacy matter where UBS was the first bank to disclose potential misconduct. We've made significant investments to further strengthen our control framework since then and are pleased this matter is resolved.

"If they haven't already, any party involved in forex trading, such as institutional investors, pension funds and large corporates, should now be reviewing what losses they have incurred," he added."Most of the traders participating in the chatrooms knew each other on a personal basis," said the Commission.

Source: Digital Coin News (digitalcoinnews.net)

. have any if the humans behind these crimes been prosecuted? After all, banks are just collections of bankers who receive large bonuses for their activities and some of them make the decisions that result in these crimes.

Increased bank charges will swiftly follow, the banks always win.

Crazy this

Shocking News...but totally expected as we all know. Business as usual, right. ☠️GREED will NEVER be defeated or rooted out, it can only be contained for a little while. 😡

Old news, finally the actual fines are announced, and who gets the money from the fines. Market manipulation is going on all the time, likely still is, maybe UBS aren't involved now seeing as they are grasses.

Looks like somebody in a burkah taking a selfie

Is this new ? I don't think so

Not even the small change from a poor mans pockets

Whos going to jail for fraud ?

I've always wondered... Where does all the money for the fines go to, and do the banks pay the fine in one whole payment.

Basically a speeding ticket for those guys.

But the EU fix prices on goods irony

The EU don't f*ck around.

Here is one of the reasons for Brexit. All Brexiters have their money in Tax Havens. Brits should wake up and understand they pay tax because the 'elite' (crooks!) do not !!!

'But don’t hold out too much hope of banks deemed “too big to fail” losing the demonstrated capacity to hold entire nations to ransom any time soon. At least, not this side of ‘the great reset’ that no-one dare provoke.'

APompliano bitcoin can’t be rigged.

It doesn't say but i am guessing the banks all made a lot more than the fine. 🤡🤡

How many billions did they make in profit from this market rigging? Presumably far more than the measly €1bn fine

Why aren't people going to prison for this?

Banks immune from prosecution 🙄

A cartel fining a cartel

Still they carry on without anyone jailed. Fred, Diamond, the rest of the crooks. Mr May is a banker - says it all.

foreign devils, interfering with our good old-fashioned British corruption. no wonder the torys want out

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