Banks Fined in Forex Probe Wednesday Nov 12,2014

 

Six banks have been collectively fined £2.6bn by UK and US regulators over their traders' attempted manipulation of foreign exchange rates.

HSBC, Royal Bank of Scotland, Swiss bank UBS and US banks JP Morgan Chase, Citibank and Bank of America have all been fined.

A separate probe into Barclays is continuing.

The fines were issued by the United Kingdom's Financial Conduct Authority (FCA) and two US regulators.
 The Country's Commodity Futures Trading Commission(CFTC) issued fines of $1.4bn to five banks, while the Office of the Comptroller of the Currency (OCC) added $950m in further fines to three lenders.
Separately, the Swiss regulator, FINMA, has penalised UBS 134million Swiss Francs

Barclays bank will also be fined but it is still negotiating its punishment

Bankers were rigging the £3.5trillion-a-day foreign exchange markets

The fines follow a 13-month investigation by regulators into claims that the foreign exchange market - in which banks and other financial firms buy and sell currencies between one another - was being rigged. 

Dozens of traders face prosecution after five banks were fined £2.6billion yesterday for fixing currency markets.

Calling themselves ‘players’, ‘musketeers’ or members of the ‘A-Team’, the traders congratulate each other on ‘killing it’ with rigged deals. 

Incredibly, their corrupt activities continued for more than a year after the authorities started dishing out an earlier £4billion in fines for the fixing of Libor interest rates

WHO WILL PAY WHAT FOR FOREX RIGGING? BANKING FINES IN FULL 

Royal Bank of Scotland was fined a total of £399million including £217million by the FCA and £182million by the US Commodity Futures Trading Commission (CFTC).

HSBC was fined £389million including £216million from the FCA and £173million from the CFTC. 

Swiss bank UBS was fined a total of £503million including £234million by the FCA, £182million by the CFTC and £87million by the Swiss regulator FINMA.

America's Citibank was hit with penalties of £420million including just under £225.6million from the FCA and £194.6million from the CFTC.

JP Morgan Chase was fined £417million including £222million by the UK regulator and £195million from the CFTC.