The European Commission has completed a cartel investigation

The European Commission has completed a cartel investigation into foreign exchange trading. It imposed fines totaling EUR 261 million on UBS, Barclays, RBS and HSBC, which decided to settle the case. In addition, Credit Suisse was fined EUR 83.3 million in the ordinary course of business. The commission announced this in a press release on Thursday. "The collusion of the five banks has undermined the integrity of the financial sector to the detriment of the European economy and consumers," said Margrethe Vestager, European Commissioner for Competition. The commission's inquiry focused on trading the names of the G10, which includes the most advanced western countries. These currencies are the most liquid and most traded in the world. Some traders, acting on behalf of fined banks, exchanged sensitive information and occasionally coordinated their trading strategies through an online discussion group. This exchange of information has enabled them to make informed decisions about the sale or purchase of currencies in their portfolios, in contrast to a situation where traders act independently and take natural risks, the commission said. The largest fine of 174.3 million euros must be paid by the British bank HSBC. It is followed by the Swiss Credit Suisse, which was fined 83.3 million euros in the ordinary proceedings, the British Barclays, which has 54.3 million euros, and another British financial institution, the RBS, with a fine of 32.5 million euros. The largest Swiss bank UBS, which notified the Commission of the existence of a cartel, avoided paying a fine of 94 million euros.