JPMorgan will be hit with a $1.03B fine by the FCA and US regulators, according to Bloomberg. They also report that Citi will pay slightly more.

One thing I don’t get is how the US and UK get to reap these incredible bounties while the losses on FX (and mortgages before it) were spread around the globe.

You can argue that they’re the ones doing the regulating and have to bear that cost but you can also argue that their regulators have been absolutely useless at preventing or foreseeing obvious abuses in FX, mortgages and Libor.