The European Commission has imposed a fine of approximately €344 million on Barclays, RBS, Credit Suisse and HSBC. This was announced by the European institution following the conclusion of a cartel investigation in the currency trade.

The banks exchanged illegal information through a chat room called Sterling Lads.

Because UBS reported the cartel, the Swiss bank does not have to pay the 94 million euro fine.

Barclays was fined approximately 54 million euros, RBS 32.5 million euros and HSBC over 174 million euros. As these three banks cooperated in the investigation, they were granted discounts. This did not apply to Credit Suisse, which therefore has to pay more than 83 million euros.

With these fines, Brussels wants to send a clear signal that the Commission remains committed to a healthy and competitive financial sector, said Commissioner Margrethe Vestager in a statement.

It is now the sixth time since 2013 that the commission has conducted an investigation in the foreign exchange market.

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