Citigroup, JPMorgan Chase, UBS, HSBC, Royal Bank of Scotland and Bank of America have been punished with about 4,300 million dollars in the United States, United Kingdom and Switzerland, accused of conspiring to get manipulating the exchange rate of currencies and so go ahead operations that trust their customers.
1,400 billion won supervisor Futures Market in the US (CFTC, its acronym in English) together all the affected banks, while the authority to regulate the conduct of the financial sector in the UK (FCA) applied a fine of 1.750 million, the highest fine imposed in the case history. These two quantities a penalty of $ 950 million for the agency that oversees trade in US Currency (OCC) and $ 138 million imposed by the Swiss supervisory (Finma) UBS adds.
As reported by AFP, these entities already punished for manipulating Libor interbank lending rate and also face other lawsuits and suspicions of tax evasion.
The Financial Conduct Authority UK (FCA) imposed on each of these banks fined $ 310 million.
Violations of these banks undermine confidence in the UK financial system and threatening, "he said in a statement FCA. Add this malpractice lasted from early 2008 to late 2013.
UBS adds $ 800 million in fines supervisors markets US, UK and Switzerland.
Citigroup will have to pay a fine of $ 668 million to the CFTC, FCA and Finma.
JPMorgan, with 662 million.
In the British authorities is also located at this level, with 634 million in the case of RBS and 618 million by HSBC.
A JP Morgan and Citigroup, the US OCC (Office of the Comptroller of the Currency) imposed a fine of $ 350 million each, bringing the total of each of these institutions exceeds 1,000 million. And Bank of America, with 250 million. These sanctions could grow and expand to more banks because there are other open cases in the US and other countries.
In the forex market a massive $ 5.3 trillion move in day trading, of which 40% passing through the City of London. As a result, the minimum bend the rules of good conduct creates a financial ball effect snow.
"Today we take severe to end the corruption of some, so that the financial system works well for everyone measures", the British finance minister, George Osborne, said being welcomed decided to "fix what is wrong with banks. "
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