EU fines 4 banks $390M in foreign exchange trading cartel

BRUSSELS (AP) — The European Union has fined four major banks a combined $390 million for colluding in a foreign exchange spot trading cartel that allowed them to beat inherent risks in currency deals. HSBC received the biggest fine of almost $200 million, while Credit Suisse, RBS and Barclays received smaller penalties. The European Commission said Thursday that UBS was spared a fine because it revealed the cartel. The commission’s vice president said “the collusive behavior of the five banks undermined the integrity of the financial sector at the expense of the European economy and consumers.”