FX dealing in the spotlight

Six global banks will pay more than $5.6bn to settle allegations that they rigged foreign exchange markets - bringing the total sums paid in connection with the scandal to about $10bn as US and UK investigations into some of the biggest players in the $5.3tn a day forex market end

HSBC US woes continue with trader arrest

Bankers accused of making $8m illicit profit from ‘front-running’ $3.5bn deal

HSBC case another blow for trust in banks

Wholesale markets cannot function without customer confidence


Explore the 33 traders and staff who so far have been suspended, placed on leave or fired amid regulatory investigations that started in 2013
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Patrick Jenkins talks to ACI president Marshall Bailey about how best to reform the industry in the wake of the recent trading scandal and the record settlement reached by big banks.
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What is ‘front running’?

HSBC case has put the global forex market back in the spotlight

HSBC forex traders charged with fraud

DoJ alleges $8m profit was made at the expense of UK client

DoJ floats plea deal to UK forex traders

US authorities have offered so-called reverse proffers to traders

The headquarters of the Serious Fraud Office in Westminster.
©Charlie Bibby

Fraud office drops criminal forex probe

‘Insufficient evidence’ to bring case against ‘the Cartel’


Banks listen in to traders’ phone calls

Challenge is to weed out evidence of market abuse from banter

Concerns about ‘piling on’ in bank probes

DoJ and FCA officials worry groups will stop co-operating

Finma bans ex-UBS workers in forex probe

Swiss regulator orders penalties of between one and five years

Forex spotlight turns on ‘last look’

Market making tool accused of being an enemy of transparency

New York AG probes forex spoofing

ICAP, BGC, Tullett and GFI subpoenaed in new investigation

In banking cheating can be automated

Barclays’ $150m forex trading fine casts doubt on drive to use computers to clean up trading

Barclays accused of abusing ‘last look’

NY regulators allege bank stacked trading deck against clients

Former Citi trader wins dismissal case

Perry Stimpson was sacked as part of forex investigation

©Bloomberg; FT montage

Barclays faces another heavy forex fine

Penalty presents early test for incoming chief Jes Staley

Ex-trader wins first round at tribunal

Former Barclays banker can use evidence from watchdog’s findings

Banks face currency fix business loss

New ICAP forex benchmark says average daily volume hits $1.5bn

Loretta Lynch, US attorney general
©Andrew Harrer/Bloomberg

Forex rigging scandal still hangs over banks

Legal community divided over extent of damages claims facing several global banks

Former trader queries FCA investigation

Case could significantly change the way watchdog operates

US-style class action lawsuits set for UK

Lawyers gear up for wave of group claims over competition

Lloyds fights forex ‘whistleblower’ case

Manager says former trader was not regarded as a whistleblower

Ex-Citi trader says he was singled out

Stimpson outcome to set precedent for string of forex tribunals

Ex-Citi trader says staff flouted rules

Employment tribunal hears allegations over banker conduct

Fired Citi trader seeks ‘truth’ on FX

Tribunal to hear Perry Stimpson’s unfair dismissal claim

Banks face billions in forex civil claims

New York test case could open legal floodgates in UK and EU

Ex-Citi traders fight bank over dismissal

Four people who were fired file claims at employment tribunal

BoE admits it was subject of police probe

Investigation focused on suspicion of monetary policy leaks

FCA warns banks over benchmark risks

Watchdog says changes have been piecemeal and lacked urgency

FCA cuts down on dawn raids

UK markets regulator has focused on Libor and forex

UBS forex trader reinstated after probe

Agaisse returns to post after suspension in early 2014

SFO to interview forex traders

Former Cartel chatroom member to be questioned in rigging inquiry

Seoul to assess impact of forex rigging

Watchdog to weigh effect of global banks’ actions

Bank watchdogs target high-profile cases

UK, US and Hong Kong authorities increase fines in 2014

Carney to extend market abuse rules

Clampdown signals end to ‘age of irresponsibility’

Market rigging review to seek new laws

Rules will aim to close loopholes that allowed Libor scandal to happen

British banks pay £12bn in penalties

Lenders face increased pressure to control regulatory costs

UK market review to push for tougher sentences

Punitive approach likely after City scandals like forex rigging

Global regulators look to follow UK lead

Review targets all that is wrong with wild-west side of markets

Rigour of BoE report into forex scandal questioned

Charles Béar asks if review was ‘thorough and comprehensive’

Bank of England needs highest standards

BoE oversight committee must exercise scrutiny independently of governor, writes Jesse Norman


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