European Commission revealed on Thursday it fined UBS Group AG, Barclays plc, Royal Bank of Scotland plc, HSBC Holdings plc, and Credit Suisse Group AG €344 million over their collusion and coordination in the foreign exchange spot trading market that violated EU rules.
The first four banks reached a settlement in the case, with HSBC receiving the largest penalty of over €174 million. The remaining bank, Credit Suisse, was fined €83 million and did not cooperate during the investigation, according to Brussels.
"Foreign exchange spot trading activities are one of the largest financial markets in the world. The collusive behaviour of the five banks undermined the integrity of the financial sector at the expense of the European economy and consumers," European Commissioner Margrethe Vestager said in a statement.
