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UK: Forex-rigging settlement on the way

 |  July 24, 2014

Unnamed sources said Thursday that discussions with UK authorities are heading towards a settlement in the case that alleges the manipulation of the foreign exchange market.

According to reports, the Financial Conduct Authority could reach a settlement with several banks as soon as this year. The banks that are in settlement talks include Barclays, JPMorgan Chase, Citigroup and UBS, the sources said. One source said RBS and HSBC may also be part of the discussions.

The FCA is said to be looking to fast-track the process and may be issuing fines for the alleged collusion within the next few months.

Authorities are probing the banks on accusations that traders struck deals ahead of their clients and manipulated the foreign exchange WM/Reuters rate. Since investigations have started, reports say 25 traders have been fired, suspended or put on leave as a result of the allegations.

Full content: Businessweek

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