Monday, 10 November 2014

Banks close in on £1.5 billion forex settlement

The Financial Conduct Authority is closing in on a deal that will see six banks paying around £1.5bn in fines over the role played by some of their traders in trying to fix London’s £3trn-a-day foreign exchange market.

City sources say the six remain locked in talks with the City watchdog over a deal that could settle the UK end of what has become a multinational investigation. However  an agreement could be reached this week, although next week is more likely.

By settling at this stage banks will qualify for a 30% discount on fines handed to firms that settle disciplinary cases early.

Source: London Evening Standard

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