128 NEWSLETTER 2021 traders to identify opportunities for coordination, for example through a practice called “standing down”, whereby some of them would temporarily refrain from trading to avoid interfering with another trader. This allowed the investigated banks to forgo competitive behavior. In turn, this harmed the banks’ customers as they faced higher rates and less transparency. The Outcome The Commission’s investigation started with an immunity application under the Commission’s Leniency Notice submitted by UBS, which was followed by applications for reduction of fines by the other parties. Thus, UBS escaped a €94 million fine under the Commission’s leniency provisions for having revealed the existence of the cartel. The settling parties, Barclays, RBS and HSBC, also earned a 10% reduction in fines. Since Credit Suisse did not cooperate under the leniency or settlement procedures, it did not benefit from any reductions granted within those frameworks. As a result, Barclays was fined €54.4 million, RBS was fined €32.5 million, HSBC was fined 174.3 million and Credit Suisse was fined €83.3 million. In addition, the investigation revealed the existence of three separate infringements concerning the forex market, two of which were simultaneously examined in this particular case and concluded in 2019 when all the relevant parties settled the case. The other two cases were: • The Three Way Banana Split forex settlement decision concerned communications in three different, consecutive chatrooms (entitled “Three-way banana split / Two and a half men / Only Marge”) among traders from UBS, Barclays, RBS, Citigroup and JPMorgan. The infringement started on 18 December 2007 and ended on 31 January 2013. UBS was granted immunity and the other parties all settled the case and received reduced fines. • The Essex Express forex settlement decision concerned communications in two chatrooms (entitled “Essex Express ‘n the Jimmy” and “Semi Grumpy Old men”) among traders from
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