Four major banks pleaded guilty on Wednesday to trying to manipulate foreign exchange rates and six banks were fined a total of nearly $6 billion in a settlement that substantially ends a global probe into misconduct in the $5-trillion-a-day market.
In total, authorities in the United States and Europe have fined seven banks over $10 billion for failing to stop their forex traders from sharing confidential information about client orders and coordinating trades to boost their own profits.
Traders at Citigroup (C.N), JP Morgan (JPM.N), Barclays (BARC.L) and Royal Bank of Scotland (RBS.L), who described themselves as “The Cartel”, used an invitation-only electronic chatroom and coded language to manipulate the price of U.S. dollars and euros between December 2007 and January 2013, according to U.S authorities.
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