Some of the world’s leading banks are slated for a £2 billion ($3.3 billion) fine from U.K. regulators, following investigations into currency rigging, sources told CNBC.
The U.K. Financial Conduct Authority has concluded its investigation into foreign exchange manipulation involving six banks — JPMorgan, Citi, Royal Bank of Scotland, Barclays, HSBC and UBS — and has demanded financial settlement that could amount to £2 billion.
The fines would be paid to settle allegations of attempted manipulation of foreign exchange trading. This follows an international investigation by U.S. and U.K. regulators into the $5.3 trillion-a-day forex trading market. The probes stem from claims that foreign exchange benchmarks and a key interbank interest rate known as the London Interbank Offered Rate (Libor) were rigged by traders from 2005 onwards.