Antitrust: Commission fines UBS, Barclays, RBS, HSBC and Credit Suisse € 344 Million for Participating in a Forex Spot Trading Cartel

Rekabet Hukuku

The European Commission (“Commission”) has completed its cartel investigation into the Foreign Exchange (“Forex”) spot trading market by imposing fines on five banks namely UBS, Barclays, RBS, HSBC and Credit Suisse. The Commission has adopted a decision on 2 December 2021 that imposing a total fine of € 261 million to the UBS, Barclays, RBS, and HSBC which decided to settle the case. The Commission also fined the Credit Suisse € 83 million under the ordinary procedure.

The Commission's investigation focused on the trading of the G10 currencies, the most liquid and traded currencies worldwide.  Because the main customers of Forex traders include asset managers, pension funds, hedge funds, major companies and other banks.

The Commission's investigation revealed that some traders in charge of the Forex spot trading of G10 currencies, acting on behalf of the fined banks, exchanged sensitive information and trading plans, and occasionally coordinated their trading strategies through an online professional chatroom called Sterling Lads.

You can find the full text of the decision here.

Kind regards,

Zumbul Attorneys at Law

info@zumbul.av.tr