British and Swiss banks fined €344m over ‘Sterling lads’ online forex cartel

By Keith Nuthall

British and Swiss banks have been fined a total of €344 million for operating a cartel coordinating their foreign exchange (forex) spot trades of the world’s 11 most important currencies – USD, EUR, GBP, Japanese Yen, Swiss francs; Canadian, Australian and New Zealand dollars; Danish and Norwegian krone and Swedish Kroner.