Antitrust Antitrust

Citibank, HSBC, Credit Agricole, JP Morgan Chase fined for forex bid rigging in South Korea

By Wooyoung Lee and Choi Hyung-jo
  • 10 Mar 2020 22:02
  • 10 Mar 2020 23:29

Four international banks – Citibank, Hongkong and Shanghai Banking Corp., Credit Agricole and JP Morgan Chase – were today handed corrective orders and penalties of combined 1.3 billion won ($1,112,406) for rigging foreign exchange swap bids.

The Korea Fair Trade Commission found that the banks exchanged information for bid submission for swap auctions

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Wooyoung Lee

Correspondent, Seoul

Wooyoung Lee is a correspondent based in MLex’s Seoul office, South Korea, covering antitrust, privacy and data security, mergers and acquisitions and financial services. Wooyoung has more than a decade of experience in journalism, public policy and research. She has worked and written for news outlets including The Korea Herald, Al Jazeera International, Bloomberg BNA, Monocle, among others.

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