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 Banks facing £2bn fine for "rate rigging"

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Banks facing £2bn fine for "rate rigging" Vide
PostSubject: Banks facing £2bn fine for "rate rigging"   Banks facing £2bn fine for "rate rigging" Icon_minitimeSat Sep 27, 2014 5:34 am
Six major banks including Royal Bank of Scotland and Barclays face huge fines for rigging the ‘Wild West’ foreign currency market.

Banks facing £2bn fine for "rate rigging" 1411770018397_wps_1_DDGKP6_Offices_of_the_FCA

The lenders held secret talks with the City watchdog this week to try to thrash out a deal.

Those also involved in the negotiations are understood to include HSBC, US banks Citigroup and JPMorgan and Swiss lender UBS.

The fines are expected to be confirmed simultaneously, with the total bill set to be as high as £2billion and one bank facing a fine of between £300million and £400m.

Regulators in the United States, Asia and Europe suspect traders conspired to fix the £3trillion-a-day ‘FX’ market by rigging rates used when buying and selling currencies.

Martin Wheatley, of the Financial Conduct Authority, has previously warned the foreign exchange allegations are ‘every bit as bad as they have been with Libor’.

http://www.dailymail.co.uk/news/article-2771502/Banks-facing-2bn-fine-rate-rigging-Regulators-suspect-traders-six-major-banks-conspired-fix-3trillion-day-FX-market.html
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