Reuters now with the headline following a report on Sky earlier this morning
The Financial Conduct Authority (FCA) scheduled meetings with the banks – which included Barclays, HSBC and Royal Bank of Scotland – to discuss for the first time the outline terms of a deal that could be announced as soon as November. Investigations began in October last year after accusations of alleged price manipulation in the London fixing sessions.
According to Sky’s sources the settlements, which would be confirmed simultaneously, could cost in the region of £2bn in total – which would be the UK regulator’s biggest-ever series of fines for the same offence.
The banks, which also include Citi, JP Morgan and UBS, would pay different sums, depending on the gravity of their traders’ alleged efforts to artificially move foreign currency rates.
It will be interesting to see what the FCA’s fuller findings are with regard to forex market “manipulation” and if they regard it as simply confined to the fixings.
And yes I will have more to say on it once the facts are known and the report is published.
