Five banks (Barclays, UBS, Citigroup, J.P. Morgan Chase и Royal Bank of Scotland) agreed on Wednesday to plead guilty to market manipulation. Barclays, Citigroup, J.P. Morgan and the Royal Bank of Scotland admitted to illegally distorting foreign exchange prices of U.S. dollars and euros from December 2007 to January 2013. Banks will pay fines in total of more than $5.5 billion.
Barclays, Citigroup, J.P. Morgan and the Royal Bank of Scotland used an electronic chat room and coded language to manipulate exchange rates.
UBS AG pleaded guilty to manipulating the London Interbank Offered Rate (Libor). UBS will pay $545 million in fines.