Five leading banks fined US$ 5,7

Barclays, UBS, JP Morgan, Citigroup, and RBS face large fines from financial authorities in the US and the UK.

Five banks were included in the ranks of the world's biggest bank was fined US$ 5,7 billion after being conspired to manipulate the exchange rate of foreign currencies.


US Attorney Loretta Lynch, said "almost every day" during the five years since 2007, the foreign exchange traders use secret conversation forum on the internet for manipulating the exchange rate.

He said such actions hurt "many consumers, investors, and various institutions around the world".

The regulator said that between 2008 and 2012 some merchants formed a cartel and using the internet conversation forum for manipulating exchange rates so that they can make a profit.

This conspiracy came after they claimed that various measures have been taken following the global financial crisis.

The largest fine, amounting to US$ 2,4 billion, dropped to Barclays that they have to pay to the financial authorities in the United States and the United Kingdom.

The Bank also agreed to dismiss eight employees, as part of the settlement of the case.

UBS, JP Morgan, Citigroup and Royal Bank of Scotland (RBS) is also required to pay a fine. (bbc)