Rbs forex trading
The Commission's investigation, which began in September , revealed that some individual foreign exchange traders, using online chatrooms, exchanged trading plans and occasionally co-ordinated their trading strategies.
Foreign exchange
Competition Commissioner Margrethe Vestager said the banks' behaviour "undermined the integrity of the sector at the expense of the European economy and consumers". Barclays also said it had set aside money to cover the fine. Similar fines for manipulating the currency markets were imposed in by UK, US and Swiss regulators.
UBS, which escaped the latest fines, said: "This is a legacy matter where UBS was the first bank to disclose potential misconduct. We've made significant investments to further strengthen our control framework since then and are pleased this matter is resolved. But the matter may not end there. Lambros Kilaniotis, a partner at City-based law firm RPC, said the Commission's announcement was "an open invitation for parties who may have been impacted by these cartels to sue these banks".
Their chats "enabled them to make informed market decisions on whether to sell or buy the currencies they had in their portfolios and when", the Commission said. A sixth bank, UBS, was excused financial penalties for revealing the cartels' existence.
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Since consumer laws were changed five years ago to encourage mass claims, no claim has so far met the court's tests to be certified to proceed to a full trial. Evans said his "primary motivation" for bringing the claim is to "get the system working as well as it possibly can. Whether Evans is a suitable class representative to bring the claim is a key consideration for competition judges.
'No surprise'
Evans believes his professional background makes him ideally suited to represent the class. In addition to his role at the CMA, he was a senior policy adviser for consumer body Which? It's likely that the CAT will review both Evans' and O'Higgins' applications and decide whether one, or both, of the claims should be permitted to proceed.
For the CAT, assessing the merits of two competing "opt-out" claims is unchartered territory, and its decision will be closely watched by class-action litigants. The regime has started slowly, but it's gathering momentum, with lawsuits — as well as against banks over forex trading — proposed against truckmakers and rail companies over alleged anti-competitive behavior.
All bids to certify the claims for approval have been put on ice by competition judges as the landmark claim for the regime — against Mastercard over unlawfully-inflated card fees — is being fought and has reached the UK's Supreme Court, with a ruling expected at the end of this year. It is always evolving," said Evans. Despite the complications of navigating new areas of law, Evans said he has no concerns about targeting a market with the scale and reach of forex.
You have to deal with the cases you have got before you. Moreover, Evans said the behavior of the banks has already resulted in payouts. Evans said that, with so many moving parts, the value of the claim can change from original estimates. Then you pare it down. Once the thing progresses, it will change," he said. In assessing a mass claim for certification, the CAT will consider if it's eligible for inclusion in collective proceedings based on certain criteria: an identifiable class, common issues and suitability.
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That has raised legal questions, and the CAT has said the claim against Mastercard posed issues over data requirements to attribute loss and distribute aggregate damages to individual class members. Evans said he expects there will be the data, including from banks disclosing forex trades, in the granular detail needed to make his claim a success.
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Only spot foreign-exchange trading and forward transactions — agreements to exchange currency in the future at a specified rate — are covered by the class action. Those trades are specific to a defined basket of currencies known as the "G10," including the pound, euro, yen and US dollar.
Evans also has split the class into two: losses from direct infringements through transactions with the defendant banks, and losses suffered due to "umbrella" effects of the infringements. That means that even those who didn't trade directly with the six banks could still be part of the class.