Thursday, May 21, 2015

Multan 5 banks to manipulate the dollar and euro – Digital Journal Juarez

Washington Banks Citicorp, JP Morgan Chase, Barclays PLC, The Royal Bank of Scotia and UBS AG guilty of conspiring to manipulate the currency market in the United States and Europe were declared and paid a fine for more than five billion dollars.

The Justice Department reported that US financial institutions-which called a “cartel” financial-collectively agreed to pay fines of $ 2.5 billion, plus 1.6 thousand million dollars for penalties of the Federal Reserve. Finally, Barclays will pay extra to regulators in the United States and Britain 1.3 billion.

“The penalty paid by these banks is appropriate considering the long and scandalous nature of its anticompetitive conduct. Is proportional to the widespread damage caused, “said US Attorney General Loretta Lynch.

The five US and European financial institutions conspired to determine the exchange rate of the dollar and the euro, whose transactions the foreign exchange market amount to hundreds of billions of dollars every day.

In the indictment stated that operators froze bank offers to buy or sell dollars or euros to avoid moving the rate trading of currencies in a direction contrary to the position held conspirators.

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