EU Fines HSBC, Credit Suisse, Others Over ‘Sterling Lads’ Forex Cartel

EU Fines HSBC, Credit Suisse, Others Over ‘Sterling Lads’ Forex Cartel
The logo of Swiss bank UBS is seen at its headquarters in Zurich, Switzerland, on Feb. 17, 2021. Arnd Wiegmann/Reuters
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BRUSSELS—EU antitrust regulators on Thursday fined Barclays, Credit Suisse, HSBC, and NatWest 344 million euros ($390 million) for foreign exchange market rigging, closing a key chapter in a high-profile investigation.

UBS avoided a 94 million euro fine by alerting the European Commission to the cartel, which was set up via a chatroom known as “Sterling Lads.”