129 COMPETITION LAW UBS, Barclays, RBS and Bank of Tokyo-Mitsubishi (now MUFG Bank). The infringement started on 14 December 2009 and ended on 31 July 2012. UBS, as the applicant, did not receive any fines and the other parties received reduced fines after their settlement. Conclusion On multiple occasions, Commissioner Margrethe Vestager has claimed that foreign exchange spot trading activities are one of the largest financial markets in the world, and emphasized that the collusive behavior of the five investigated banks regarding on-spot trading undermined the integrity of the financial sector at the expense of the European economy and consumers. With this third fine imposed on the banks within the last few years, the Commission indeed demonstrated that they will show zero tolerance to collusive behavior and anti-competitive activities of the banks that eliminate the uncertainty in the market. Furthermore, the banks may now face follow-on damage claims by third parties that were harmed by the cartel, which would result in additional financial consequences for them. Needless to say, this will put additional pressure on the banks. All in all, considering the severity of the Commission’s findings in this case, financial organizations and banks should pay extra attention to competition law sensitivities in their activities and make sure their employees – the traders – refrain from attending high-risk conversations in online chat rooms.
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