COMCO fines banks in forex trading Donnerstag, 06. Juni 2019 - 07:26
Bern, 06.06.2019 - The Competition Commission (COMCO) has detected several anti-competitive arrangements between banks in foreign exchange spot trading. COMCO has concluded amicable settlements and imposed fines of around CHF 90 million. Therefore, the two investigations will now be closed.
Traders of several internationally active banks have
partially coordinated their conduct in two separate cartels in foreign
exchange spot markets regarding certain G10-currencies (USD, EUR, GBP,
JPY, AUD, NZD, CAD, CHF, NOK, SEK).
Traders of Barclays,
Citigroup, JPMorgan, Royal Bank of Scotland (RBS) and UBS (listed in
alphabetical order) participated in the «Three way banana split» cartel
from 2007 to 2013. Participants in the «Essex express» cartel (from 2009
to 2012) were traders of Barclays, MUFG Bank, RBS and UBS. The
coordination of certain G10-currencies took place in chatrooms.
The
afore-mentioned banks have committed not to conclude such agreements in
the future. COMCO has fined these cartels with a total amount of about
CHF 90 Mio. A part of the banks has benefited from the leniency
programme resulting in a reduction of the fine. UBS was not fined as it
revealed the cartels to the competition authorities first. The rounded
sanctions amount to CHF 27 million for Barclays, CHF 28,5 million for
Citigroup, CHF 9,5 million for JPMorgan, CHF 1,5 million for MUFG Bank
and CHF 22,5 million for RBS.
An investigation is to be continued
against Credit Suisse in the ordinary procedure. COMCO has closed its
investigation against Bank Julius Bär & Co. AG and Zürcher
Kantonalbank.
COMCO’s decision can be appealed to the Federal Administrative Court.
Address for enquiries
Andreas Heinemann
President
078 842 96 01
andreas.heinemann@weko.admin.ch
Patrik Ducrey
Director
058 464 96 78
079 345 01 44
patrik.ducrey@weko.admin.ch
Olivier Schaller
Vice director
058 462 21 23
olivier.schaller@weko.admin.ch
Publisher
Competition Commission
http://www.weko.admin.ch/