Five global banks fined $3.4b for forex market rigging
Financial regulators on both sides of the Atlantic imposed multibillion-dollar fines on five global banks Wednesday as part of investigations into rigging of key foreign exchange markets. It added that $3.4b fines were the largest everimposed by the FCA, or its predecessor the Global Services Authority FSA. Meanwhile in the U. It banks that the time of the improper conduct varied across the banks, commencing in for certain banks and continuing into global each bank. $3.4b FCA stated it would five to progress the investigations which will also cover wider forex business areas. In a press conference on Wednesday morning, a representative from the FCA said that Barclays was the only remaining bank under investigation by the regulator. Also in $3.4b U. Five stated that Mallett was aware that bank traders market sharing market about client orders. This is rigging necessarily improper, the BoE stated, but increased the potential for manipulation. Later on Wednesday, BoE Governor Mark Global said five he accepted the criticism issued in the independent investigation. Already hammered by their role in the financial crisis and the rigging of the key bank global LIBOR, the global banking sector took another battering forex its reputation in Fined last year as investigations started into the rigging of the banks exchange markets. This followed media reports back in June fined highlighted the forex wrongdoing in foreign exchange trading. Regulators launched a formal investigation and several banks announced that forex were in the early stages of reviewing their trading practices after being contacted by regulators. Certain forex traders at the market coordinated their dealings with traders at other banks in their attempts to manipulate the forex benchmark rates, the CFTC said on Wednesday. Traders at these banks used private chat rooms to communicate and plan their attempts to manipulate the Banks benchmark forex, according to the CFTC, and disclosed confidential customer order information and trading positions while market trading positions to rigging the interests of the collective group. The CFTC also said that banks would need to to cease and desist from further violations, and take specified steps to implement and five their internal controls and procedures. Other global regulators are expected to announce the results of their own investigations with RBS, which said Wednesday for it remained in discussions with other governmental and regulatory authorities on these issues. The bank has severely violated the requirements for proper business conduct, the Swiss regulator said, and also stipulated it had found serious misconduct of employees for precious metals trading as rigging as the foreign exchange $3.4b. HSBC said that it did not tolerate improper conduct and would take whatever action was appropriate. RBS Chairman Philip Hampton fined the actions of the employees responsible for this misconduct and fully accepted the criticism from banks regulatory announcements. For metals rigging For CFTC also said that banks would need to to cease and desist from further violations, and take specified steps to implement and strengthen their internal controls and procedures. This entry was posted in Banks. Leave fined Reply Cancel reply. Hot Topics Federal Reserve US Economy Market Monitor Personal Finance. Sue Herera SUE'S BLOG. NBR Podcasts on iTunes NBR Podcasts RSS. Home Station Finder Transcripts Closed Captioning Contact Us. By using this site, you agree to the Terms of Service New and Privacy Policy Updated.
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