After huge settlements, banks face higher-stake phase of forex probes

New York

THE US$4.3 billion in civil settlements struck between six global banks and US and UK authorities over foreign-exchange market manipulation have set the stage for negotiations over related ongoing probes that could bear much more severe consequences.

Citigroup, UBS, HSBC, Royal Bank of Scotland, JPMorgan Chase & Co and Bank of America agreed to make the payment to settle civil claims they failed to stop traders from trying to rig the foreign-exchange market.

But the deal did not res…