Top banks face $3.3bn UK forex-rigging fine

Money On Hook

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.

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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.

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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.

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