Switzerland, US, UK regulators fine 5 banks US$3.3b over forex rigging

London

REGULATORS in the US, Britain and Switzerland ordered five banks to pay about US$3.3 billion in the first wave of penalties since authorities began a global probe into the rigging of key foreign exchange benchmarks last year.

Switzerland's UBS AG was ordered to pay the most at US$800 million, according to statements from the US Commodity Futures Trading Commission, Britain's Financial Conduct Authority (FCA) and the Swiss Financial Market Supervisory Authority (Finma). Citigroup Inc will pay US$668 million, followed by JPMorgan Chase & Co at US$662 million. Royal Bank of Scotland Group plc was fined about US$634 million and HSBC Holdings plc US$618 million.