June 6, 2019 / 5:46 AM / 2 months ago

Swiss regulator fines four banks for fixing forex trading

ZURICH, June 6 (Reuters) - Four British and U.S. banks have been fined 90 million Swiss francs ($90.53 million) for rigging the foreign exchange market, Switzerland's competition authority said on Thursday.

Barclays, Citigroup, JP Morgan and Royal Bank of Scotland were punished after the authority, known as WEKO, said it found "several anti-competitive arrangements between banks in foreign exchange spot trading".

UBS was not fined as it revealed the cartels to the competition authorities first, while an investigation is still underway into Credit Suisse. WEKO said it had closed its investigation into Julius Baer and Zuercher Kantonalbank. (Reporting by John Revill and Silke Koltrowitz)

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