Loading ...Five banks fined over $3bn in foreign exchange probe
Regulators in the U.K., U.S. and Switzerland imposed penalties of $3.2 billion Wednesday on five banks they said failed to stop traders from trying to manipulate the $5.3-trillion-a-day foreign exchange currency-trading market.
The settlement, which follows a year-long global probe into claims the exchange market was being rigged, established that overseas traders used private Internet chat rooms to share tips about the activities of their firms’ clients.
It also said that banks and other financial firms’ representatives colluded on strategies to try to manipulate exchange rates for pairs of leading world currencies such as the euro and U.S. dollar and the U.S. dollar and the Japanese yen.
The U.K’s Financial Conduct Authority (FCA) said in a statement it has fined JPMorgan Chase $352 million, Citibank $358 million, HSBC $343 million, the Royal Bank of Scotland $344 million and UBS $371 million.
more http://www.mining.com/five-banks-fined-over-3bn-in-foreign-exchange-probe-10576/