By Karen Freifeld and David Henry and Steve Slater NEW YORK, May 20 (Reuters) – Four of the world’s largest banks pleaded guilty on Wednesday of trying to manipulate the currency market, and along with two others were fined nearly 6,000 million, as part of the research is done in a global market worth 5 billion dollars a day. Citigroup Inc, JPMorgan Chase & amp; Co, Barclays Plc, UBS AG and Royal Bank of Scotland Plc were accused by US and British officials blatantly deceive customers to augment their own profits, using chat rooms to which was accessible only by invitation and coded language to coordinate their operations . “The penalty to be paid by these banks is fair, considering the capital and long-term nature of its anticompetitive conduct, “said US Attorney General Loretta Lynch, in a press conference in Washington. The bad practices occurred until 2013, after regulators began to punish banks for manipulating the benchmark interest rate Libor and banks had committed to reviewing its corporate culture and promote compliance. Overall, authorities in the United States and Europe have fined seven banks by more than 10,000 million dollars for not preventing operators try to manipulate exchange rates which are used daily by millions of people, from investment houses with billions of dollars to tourists who buy currency on holiday. And the investigations are far from over. Prosecutors could boost cases against individuals, using cooperative engagement of banks as part of their agreements. Research federal and state authorities are underway to clarify how banks used electronic currency trading on behalf of their own at the expense of their clients interests. More …
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