6 banks fined almost US$6b in forex probe settlement
New York
FOUR major banks pleaded guilty on Wednesday to trying to manipulate foreign exchange rates and six banks were fined a total of nearly US$6 billion in a settlement that substantially ends a global probe into misconduct in the US$5-trillion-a-day market.
In total, authorities in the United States and Europe have fined banks over US$10 billion for failing to stop their forex traders from sharing confidential information about client orders and coordinating trades to boost their own profits.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say