French banks fined EUR345m for cheque fee price fixing


French banks fined EUR345m for cheque fee price fixing

France's competition watchdog has fined 11 banks a total of EUR344.9 million for colluding to charge customers "unjustified" interbank fees during the switch-over to a new digital cheque processing system.

Banks Fined €1.71 Bn

EU announces record rate fixing fines.

Briefing by Financial Conduct Authority as 5 biggest banks are fined more than $US3B

(12 Nov 2014) US, British and Swiss regulators have fined five global banks 3.4 billion US dollars for attempting to manipulate foreign exchange markets.
These are the latest penalties for an industry previously criticised for rigging interest rates and for their role in triggering the global financial crisis.
The US Commodity Futures Trading Commission, the UK Financial Conduct Authority and the Swiss Financial Market Supervisory Authority said on Wednesday that Citibank, JPMorgan Chase Bank, Royal Bank of Scotland, HSBC Bank and UBS had agreed to settlements totaling almost 3.4 billion US dollars.
The FCA said it is continuing to investigate Barclays Bank.
“I think it reflects the seriousness of the failings that we’ve uncovered and the failings which put the integrity of the UK’s financial system at risk” said Martin Wheatley, chief executive of the FCA, speaking about the fines.
Some 5.3 trillion US dollars change hands every day on the global foreign exchange market, with 40 percent of trades occurring in London.
Currencies including dollars, pounds, euros and yen trade in the loosely regulated market dominated by a group of elite banks. But those trades have an even wider impact because companies around the world use market prices to value assets and manage currency risks.
The regulators found that between January 1, 2008 and October 15, 2013, the five banks failed to adequately train and supervise foreign currency traders.

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Banks fined for currency rigging

Some of the world’s biggest banks will pay billions and plead guilty to charges it manipulated the currency markets.

Banks Settle: Breaking Down the $5.8B in Fines Six Banks Will Pay

May 20 — Assistant Attorney General Bill Baer discusses the guilty plea from banks involved in the currency rigging probe. He speaks on “Bloomberg Markets.”

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