RBS

Royal Bank of Scotland was a British bank with a large trading floor. It has since been renamed NatWest. This profile uses RBS because that is the name on the forex decision. The desk at issue traded foreign exchange, including into the WM/Reuters fix, a daily published rate taken from actual trades in a short window. Pension funds, companies, and funds use that rate as a reference.

The Commission found traders at RBS and at JPMorgan, Citi, Barclays, and UBS coordinated in chat rooms from about 2007 to 2013. They shared information about client orders that were about to hit the fix and traded with that knowledge in common. Rival banks are not supposed to compare live customer flow. The library status is fined.

No RBS-only fine is stated here, and no cartel total is invented. The people who relied on the published rate, a treasurer hedging an invoice or a fund pricing a holding, did not see the chat.

The WM/Reuters fix is the benchmark. The conduct is coordination in the window when that rate is set.

RBS is named as the British bank in a cartel that also included JPMorgan, Citi, Barclays, and UBS.

The period in the notes is about 2007 to 2013, the years of the chat-room arrangements.

A company that converted currency at the fix, or wrote a contract pointing at it, took the published number as a market rate.

The bank's own clients could be on the other side of a trade the chat had already discussed.