Some of the world's leading banks are slated for a £2 billion fine from U.K. regulators, following investigations into currency rigging.
The U.K. Financial Conduct Authority has concluded its investigation into foreign exchange manipulation involving six banks -- JPMorgan, Citi, Royal Bank of Scotland, Barclays, HSBC and UBS -- and has demanded financial settlement that could amount to £2 billion.
The fines would be paid to settle allegations of attempted manipulation of foreign exchange trading. This follows an international investigation by U.S. and U.K. regulators into the $5.3 trillion-a-day forex trading market. The probes stem from claims that foreign exchange benchmarks and a key interbank interest rate known as the London Interbank Offered Rate (Libor) were rigged by traders from 2005 onwards.
The banks mentioned above have received letters from U.K. authorities informing them about the fines, which they have eight weeks to negotiate. They are entitled to a 20 percent discount if they pay within a month after the eight weeks.
This story was first reported by Sky News.