According to reports, the eu who have been investigating foreign exchange spot trading in relation to a cartel of banks have imposed total fines of €261 million on four banks; ubs, barclays, royal bank of Scotland and hsbc who decided to settle, and fined credit suisse who did not cooperate €83 million.
Reportedly, the investigation is the sixth enquiry into the financial sector since 2013, concluding the third leg into foreign exchange spot trading. According to reports, a foreign exchange spot transaction is an agreement between parties to buy stocks, bonds or commodities in a currency and sell in another on an arranged date. Reportedly, the collusive activity has undermined the integrity of the financial sector at the expense of the european economy. According to a report, forex the digital foreign exchange market has a daily volume of €6.6 trillion. Reportedly, the investigation revealed that some traders in charge of forex spot trading coordinated trading strategies through an online chat room called ‘sterling lads’.