26th Sep 2014 09:08
LONDON (Alliance News) - The Financial Conduct Authority held talks this week with some of the world's largest banks about a settlement for the alleged manipulation of global foreign exchange markets which may end up costing lenders around GBP2 billion in fines, Sky News reported on Friday.
Citing senior banking sources, Sky News said the City regulator held talks with banks this week, including The Royal Bank of Scotland Group PLC, Barclays PLC and HSBC Holdings PLC, for the first time in order to discuss the terms of a potential settlement. Sky said a deal could be announced as early as November.
According to the sources, the total fines resulting from the settlement may be in the region of around GBP2 billion, making it the biggest-ever series of fines handed down in the UK for the same offence.
http://news.sky.com/story/1342492/fca-closes-in-on-2bn-currency-rigging-deal
By Sam Unsted; [email protected]; @SamUAtAlliance
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