Recently, the US Department of Justice announced that five major banks – Barclays, Royal Bank of Scotland, JPMorgan Chase, UBS and Citigroup – will be fined approximately $5.7 billion after pleading guilty to crimes involving the manipulation of global currencies and interest rates. The DoJ noted that four of the banks – Citigroup, JPMorgan Chase, Barclays and the Royal Bank of Scotland – have been forced to plead guilty to antitrust violations in the foreign exchange market, after they allegedly worked together to enhance their profits by manipulating the $5-trillion-a-day foreign exchange market to $10 billion. At the press conference the US Attorney General Loretta Lynch said that starting as early as 2007, currency traders at several multinational banks formed a group they dubbed "the cartel." Lynch said that almost every day for more than five years, traders in this "cartel" communicated through coded language in a private electronic chat room to manipulate the market's exchange