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		</div><p>Five banks handed a €1.07bn fine for taking part in a foreign exchange spot-trading cartel, the European Commission has announced.</p>
<p>Barclays and Royal Bank of Scotland (RBS), Citigroup, JP Morgan and MUFG were fined by the EU antitrust group in two settlements.</p>
<p>Barclays, RBS, JPMorgan and Citigroup were hit with a combined fine of €811.2m in the first settlement.</p>
<p>The second settlement saw a €257.7m fine slapped on Barclays, RBS and MUFG Bank (formerly Bank of Tokyo-Mitsubishi).</p>
<p>The commission said the banks colluded on trading strategies to rig the spot foreign exchange market for 11 currencies.</p>
<p>Swiss bank, UBS, was involved but not fined after it alerted the EC about the two cartels.</p>
<p>The investigation revealed that some individual traders in charge of foreign exchange spot trading for currencies on behalf of their associated banks exchanged sensitive information and trading plans.</p>
<p>It also said the traders occasionally co-ordinated trading strategies through online chatrooms.</p>
<p>Most of the traders involved in the chatrooms knew each other on a personal basis, with one chatroom called “Essex Express ‘n the Jimmy”, as all the traders except one lived in Essex and met on a train to London.</p>
<p>The first infringement ran from December 2007 to January 2013, while the second ran from December 2009 to July 2012, the commission said.</p>
<p>Commissioner Margrethe Vestager said: <em>“Companies and people depend on banks to exchange money to carry out transactions in foreign countries.</em></p>
<p><em>“Today we have fined Barclays, the Royal Bank of Scotland, Citigroup, JPMorgan and MUFG Bank and these cartel decisions send a clear message that the commission will not tolerate collusive behaviour in any sector of the financial markets.</em></p>
<p><em>“The behaviour of these banks undermined the integrity of the sector at the expense of the European economy and consumers.”</em></p>
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