Credit Suisse has to pay millions of euros to European authorities for manipulating foreign exchange markets, while UBS sidesteps the fine.
European Union antitrust regulators have hit several European banks for rigging the foreign exchange spot trading market, «Reuters» (behind paywall) reports on Thursday.
Credit Suisse will have pay 83.3 million euros ($91 million) according to the authority's statement. In return for alerting the European Commission about the cartel, UBS was given full immunity and exempt from a 94 million euro fine.
«Sterling Lads»
HSBC, Barclays and RBS were fined a total of 344 million euros, with HSBC lambasted with the biggest sum of 174.3 million euros. The cartel, referred to as «Sterling Lads,» coordinated strategies for forex spot trading of G10 currencies via a chatroom.
Thursday’s fines complete the EU commission’s sixth cartel investigation in the financial sector since 2013, EU antitrust chief Margrethe Vestager said in Thursday's statement.
