First FX fines drop but worries remain

By Owen Sanderson
13 Nov 2014

Regulators have agreed a first round of fines over rigging the G10 FX markets, but with big beasts such as the US Department of Justice conspicuous by their absence from the settlement, there could be plenty more to come.

Citi, HSBC, JP Morgan, RBS and UBS paid fines totalling £1.59bn to the FCA, and $1.4bn to the CFTC. The Swiss regulator, Finma, fined UBS Sfr134m ($139m).

Barclays is also part of the investigation, but has not yet agreed penalties. The FCA said “we will progress our investigation ...

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