• Traders sought to increase their companies profits (he sounds shocked that was the reason)
  • High fines designed to dissuade and punish
  • Not the end of the story on benchmark manipulation
  • Probes against 3 banks and 1 broker continue
  • Swiss franc probe continuing
  • Looking very carefully at FX benchmarks
  • Too soon to anticipate outcomes of probes
  • Doesn’t exclude investigation in other areas