The European Commission fined five banks €1.1 billion (approximately US $1.2 billion) for their roles in foreign exchange spot trading cartels. The five banks were Barclays, Citigroup, JPMorgan, MUFG Bank and The Royal Bank of Scotland. According to the EC, individual traders at the various banks exchanged sensitive information and trading plans and sometimes coordinated trading strategies during time periods from December 2007 through January 2013.