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Banks Fined $4.3 Billion in Foreign-Exchange Probe

Jaclyn Jaeger | November 12, 2014

In a highly-anticipated series of settlements, regulators from the United Kingdom, United States, and Switzerland this week slapped six banks with a total of $4.3 billion in fines to resolve charges that they manipulated the foreign exchange currency-trading market.

The total amount of fines imposed against each bank is:

  • $1 billion against JP Morgan;
  • $1 billion against Citibank;
  • $800 million against UBS;
  • $618 million against HSBC;
  • $634 million against Royal Bank of Scotland; and
  • $250 million against Bank of America.

According to the regulators, foreign exchange traders at the banks colluded with traders at other banks through the use of private Internet chat rooms in their attempts to manipulate the benchmark exchange rates. In these chat rooms, the traders disclosed confidential customer order information and trading positions, altered trading positions to accommodate the interests of...

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