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Global banks fined $4.3B in forex probe

Nov. 12, 2014 2:24 AM ETUBS Group AG (UBS) StockBAC, JPM, HSBC, C, UBS, BCS, NWGBy: Yoel Minkoff, SA News Editor11 Comments
  • Global regulators have fined six major banks, including UBS (NYSE:UBS), HSBC (NYSE:HSBC), Citigroup (NYSE:C), Royal Bank of Scotland (NYSE:RBS), JPMorgan (NYSE:JPM) and BofA (NYSE:BAC), a total of $4.3B over allegations of price fixing and manipulating benchmarks in the $5T-a-day foreign exchange market.
  • The penalties were imposed by Britain's Financial Services Authority, the U.S. Commodity Futures Trading Commission and Swiss regulator FINMA.
  • Barclays (NYSE:BCS) had been expected to be part of the settlement but the FCA said its investigation into the U.K. bank was continuing.

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