A total fine of €261m was levied on banks UBS, Barclays, RBS and HSBC with an extra €83m to Credit Suisse for exchanging sensitive information and trading plans, and occasionally coordinating their G10 currency trading strategies.

In doing so, the banks impacted the most liquid and traded currencies worldwide, as well as Forex trader customers including asset managers, pension funds, hedge funds, major companies and other banks, the commission said in a press release issued on 2 December.

“Foreign exchange spot trading activities are one of the largest financial markets in the world. The collusive behaviour of the five banks undermined the integrity of the financial sector at the expense of the European economy and consumers”, said commissioner Margrethe Vestager.

The settlement decision marks the 37th decision since the introduction of the settlement procedure for cartels in June 2008. In this settlement, banks UBS, Barclays, HSBC and RBS acknowledged their participation in the cartel and their liability for it, while Credit Suisse did not cooperate under the leniency or settlement procedures, the commission said in the 2 December release.