Banks prepare to reach settlement over FX cases

A Billion Dollars

Banks suspected of rigging the $5.3tril-a-day currency market are preparing to reach settlements as early as this week with the main U.S. derivatives regulator, according to a person with knowledge of the cases.

Bloomberg News reports that the Commodity Futures Trading Commission may levy fines of about $300m against each firm, depending on the level of their involvement, said the person, who spoke on condition of anonymity because deals haven’t been announced.

It’s unclear how many firms may settle with the CFTC as U.K. and U.S. bank regulators prepare to levy related penalties this week, the person said.

There was no immediate response to an e-mailed request for comment from the CFTC after normal business hours. The New York Times reported late yesterday on the talks with the agency.

To access the complete Bloomberg News article hit the link below:

Banks Said Poised to Settle With CFTC in FX-Rigging Cases

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