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 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


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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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

Regulation alone will not restore markets

Bankers need to show they know right from wrong

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

Forex banks face more pain from US

Lawmakers challenge exemptions for managing retirement accounts

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

The case that dragged bankers into the Snapchat generation

Traders have inadvertently made wrongdoing easy to detect, writes Daniel Davies

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


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


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