Cartel
A cartel is a group coordinating to control a market. In the benchmark cases the traders' own chat rooms carried names of that flavour, which prosecutors used to establish the coordination directly.
Where does cartel come up?
This term is used in the following manipulation techniques, each explained in full on its own page.
Enforcement actions involving these techniques
| Action | Agency | Filed | Technique | Penalty | Status |
|---|---|---|---|---|---|
| CFTC v. Barclays Bank PLC (FX benchmark manipulation, 2015) | CFTC | 2015-05-20 | Benchmark Submission Rigging , FX Fixing +1 | $400m | settled |
| FCA v. Barclays Bank PLC (FX benchmark manipulation, 2015) | FCA | 2015-05-20 | FX Fixing | — | settled |
| CFTC v. Deutsche Bank AG (LIBOR and Euribor manipulation, 2015) | CFTC | 2015-04-23 | Benchmark Submission Rigging , FX Fixing +1 | $800m | settled |
| CFTC v. Citibank, HSBC, JPMorgan, RBS and UBS (FX benchmark manipulation, 2014) | CFTC | 2014-11-12 | Benchmark Submission Rigging , FX Fixing +1 | $1.5bn | settled |
| FCA v. Citibank N.A. (FX benchmark manipulation, 2014) | FCA | 2014-11-11 | FX Fixing | — | settled |