Royal Bank of Scotland (RBS)
Assets
2021: Penalty for participation in the cartel in the Forex market
In early December 2021, the European Commission fined UBS, Barclays, RBS, HSBC and Credit Suisse 344 million euros for participating in the cartel in the Forex spot trading market.
Traders managed cartels from online chats, exchanging confidential information and trading plans that allowed them to make informed decisions about buying or selling currencies, the regulator said. In this case, traders periodically used a chat called "Sterling Lads" to plan their purchases and sales.
UBS Group AG avoided a fine of 94 million euros in accordance with the Commission's provisions on leniency for revealing the existence of the cartel.
HSBC was fined 174 million euros.
Barclays was fined 54 million euros.
RBS was fined 32 million euros as part of an agreed settlement that allowed them to reduce sanctions by 10%.
Credit Suisse is required to pay 83 million euros and will not receive any reduction in the usual procedure.
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