©Dreamstime

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

Banks face possible further forex fines

NY regulator turns to abuse of markets by automated trades

Lightning action is best to scare banks

Making fines more predictable would make them easier to plan for as a cost of doing business

Multimedia

Explore the 33 traders and staff who so far have been suspended, placed on leave or fired amid regulatory investigations that started in 2013
– Graphic
FT News podcast logo
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.
– Podcast

Impact of forex fines

Industry decides it’s time to grow up

Good times fade away for forex traders

After $10bn in fines, the industry decides it is time to grow up

forex bank fines Citi Barclays RBS UBS Bank of America and JP Morgan
©Bloomberg Dreamstime

Shareholders punished for sins of trader

Fines are an expensive way of forcing a bank to change its culture

forex bank fines Citi Barclays RBS UBS Bank of America and JP Morgan
©Bloomberg Dreamstime

Banks in forex probe braced for legal barrage

Civil lawsuits expected after $5.6bn settlement

Bank fines credited for culture shift

UK regulator says penalties change behaviour despite scandals

forex bank fines Citi Barclays RBS UBS Bank of America and JP Morgan
©Bloomberg Dreamstime

Six banks fined $5.6bn over forex

Latest penalties bring FX manipulation fines to $10bn

Six banks fined for forex rigging

US regulators reach settlements of more than $5.6bn

©Nasa

Culture of impunity and immunity

Big fines show that what was all right before is not all right now, writes Michael Mackenzie

‘If you ain’t cheating, you ain’t trying’

Regulators release transcripts from FX traders’ chatrooms

Barclays fined $2.4bn for forex rigging

Bank is first lender to be penalised for manipulating Isdafix

NYDFS statement on Barclays (PDF)

DoJ hard line on UBS raises concerns

Scrapping of deal seen to discourage others from going to regulators

UBS to pay $545m related to forex scandal

Swiss bank first of five due to settle with US authorities

The foreign exchange market explained

What is a ‘fix’ and why does the currency market need it?

Need to know: forex rigging settlement

US prosecutors and five banks are set to reach a $6bn deal

UK forex inquiry comes under US pressure

Department of Justice investigators to re-question UK banker

Timing key to size of UBS forex penalties

Alleged misbehaviour after Libor settlement could boost fine

DoJ ratchets up pressure on UBS

Department considers scrapping agreement to not prosecute bank

Big banks to be fined $6bn-plus on forex

Barclays, Citi, RBS, JPMorgan and UBS expected to settle with DoJ

An RBS logo sits on a sign above the entrance to Royal Bank of Scotland branch

Forex probes push RBS to £446m deficit

Bank sets aside £856m for investigations and litigation

Barclays takes extra £800m hit for forex

Pre-tax profits fall 26% to £1.34bn but investment bank rebounds

DoJ aims for May forex deal with 5 banks

US wants to resolve market manipulation claims in one settlement

Hedge fund launch delayed by FCA inquiry

Founder headed foreign exchange at Citigroup

BNY Mellon to pay $700m over fraud claims

Bank repeatedly misled clients on forex pricing, says US attorney

Lawyers slam FCA’s ‘rushed’ forex probe

Global Investigations Review says UK group over-reliant on banks

BoE in money-market fraud probe

SFO examines results of inquiry into crisis liquidity auctions

In defence of BoE cosy fireside chats

The Bank of England cannot manage markets while standing aloof

Carney rejects criticism of forex probe

BoE governor disagrees with claims that investigation too narrow

BoE knocked over forex inquiry

Treasury committee member commissions critical legal opinion

US probe delays Barclays FX settlement

Bank looks to resolve agencies’ allegations in a single deal

Minouche Shafik, Deputy Governor of the Bank of England.
©Charlie Bibby

Bank of England banishes ‘fireside chats’

Central bank overhauls City dealings in transparency drive

BNYMellon restates profit on $598m charge

New provision suggests bank is heading for forex settlement

Banks falling behind in forex reforms

Watchdog warns more regulation may be needed to force change

US widens forex trading probe

DoJ looks into disclosures over Barclays’ and UBS’s products

BoE report into forex-rigging cost £3m

Bank says Lord Grabiner QC was paid over £400,000 for inquiry

BoE to reveal forex inquiry report fees

Barrister accuses MPs of wrongly interpreting part of report

RBS forex trader named in court records

Nash, who has yet to be charged, was arrested before Christmas

JPMorgan settles forex manipulation suit

Agreement to pay about $100m puts pressure on rivals to follow suit

ABOUT LIBOR

Libor explained What is the London interbank offered rate and how did things go wrong?

The FT explains Libor and its role in the banking system with exclusive stories, commentary and analysis

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