Traders at UBS were also found to have taken part, but the European Commission agreed to reduce the Swiss bank's fine to zero after it came forward voluntarily to cooperate with regulators.
These fines brought to an end the third part of an investigation that has been ongoing since 2013 and which had already resulted in more than one billion euros in fines in 2019. The commission said the traders at the banks sometimes coordinated through an online chatroom called"Sterling Lads" -- named after the British currency.
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