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UK: FCA clears four banks of forex charges

By  |  November 12, 2014

The UK’s Financial Conduct Authority issued massive fines to several financial institutions Wednesday for their alleged roles in manipulating the foreign exchange market. But the regulator also cleared several banks of any charges related to the case, reports say.

According to unnamed sources, four banks, including Germany’s Deutsche Bank, have been cleared in the investigation by the FCA.

Reports note, however, that the pass does not mean those four banks are cleared in other investigations. Deutsche Bank, for example, remains under scrutiny by the US Department of Justice, US Commodity Futures Trading Commission and Germany’s financial regulator Bafin.

The FCA announced a record fine of nearly $1.75 billion against UBS, Royal Bank of Scotland, Citi, HSBC and JPMorgan Chase for their alleged roles in manipulating the forex market. Those banks were also hit with fines by the US CFTC and Switzerland’s Finma.

Barclays refused to settle with the FCA, according to reports.

Full content: Financial Times

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