5 banks had been fined €1.07bn (£935m) by the European Price after traders clubbed together to rig the international switch market.
Four banks within the “Banana Split” cartel – Barclays, RBS, Citigroup and JP Morgan – had been fined €811m in all.
But another three banks within the “Essex Issue” cartel – Barclays, RBS and MUFG – had been fined €258m.
A sixth bank, UBS, used to be excused financial penalties for revealing the cartels’ existence.
The European Price said the market-rigging took plight from 2007 to 2013.
The Price’s investigation, which began in September 2013, published that some particular particular person international switch traders, the disclose of on-line chatrooms, exchanged procuring and selling plans and infrequently co-ordinated their procuring and selling ideas.
Competition Commissioner Margrethe Vestager said the banks’ behaviour “undermined the integrity of the sphere at the expense of the European economic system and consumers”.
RBS said its €249m piece of the fines used to be “fully lined by present provisions”. Barclays additionally said it had residing aside money to quilt the comely.
Same fines for manipulating the currency markets had been imposed in 2014 by UK, US and Swiss regulators.
Circles of believe
“Many of the traders taking part within the chatrooms knew every varied on a private basis,” said the Price.
“As an instance, one chatroom used to be called Essex Issue ‘n the Jimmy because all of the traders but ‘James’ lived in Essex and met on a practice to London.
“Among the traders created the chatrooms after which invited one one other to affix, essentially essentially based on their procuring and selling actions and private affinities, growing closed circles of believe.”
Other chatrooms outmoded incorporated Semi Grumpy Old fashioned Men, Two and a Half Men and Ideal Marge.
Info that the traders exchanged related to:
- Eminent customers’ orders (names of customers, currencies and quantities concerned)
- Prices acceptable to explicit transactions
- Birth possibility positions in varied currencies
- Other info of present or deliberate procuring and selling.
Their chats “enabled them to make suggested market choices on whether to sell or decide the currencies they had of their portfolios and when”, the Price said.