7th Nov 2014 14:02
LONDON (Alliance News) - The Financial Conduct Authority may hand down fines to a group of six banks as early as Wednesday next week over allegations of collusion and manipulation of the foreign exchange market, Reuters reported on Friday.
The six banks facing fines are HSBC Holdings PLC, The Royal Bank of Scotland Group PLC, Barclays PLC, UBS AG, JPMorgan Chase & Co and Citigroup Inc, Reuters said, citing people familiar with the matter.
The sources suggested the banks are expected to be fined a total of GBP1.5 billion, marking the first settlement in the year-long global investigation being conducted into the alleged manipulation of the USD5.3 trillion-per-day foreign exchange market.
http://uk.reuters.com/article/2014/11/07/uk-banks-forex-settlement-idUKKBN0IR0UA20141107
By Sam Unsted; [email protected]; @SamUAtAlliance
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