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21 Oct 2014
Those banks…$41b in fines for FX rigging
FXStreet (Barcelona) - From a Bloomberg source, it was noted that Banks could have to pay as much as $41 billion globally to settle probes into allegations traders rigged benchmarks in the currency markets, Citigroup Inc. (C) explained today.
"Authorities around the world are scrutinizing allegations that dealers traded ahead of their clients and colluded to rig currency benchmarks. Regulators in the U.K. and U.S. could reach settlements with some banks as soon as next month, and prosecutors at the U.S. Department of Justice plans to charge one by the end of the year, people with knowledge of the matter have said".
"Spokesmen for Deutsche Bank, Barclays and UBS declined to comment on the Citigroup estimates".
"Authorities around the world are scrutinizing allegations that dealers traded ahead of their clients and colluded to rig currency benchmarks. Regulators in the U.K. and U.S. could reach settlements with some banks as soon as next month, and prosecutors at the U.S. Department of Justice plans to charge one by the end of the year, people with knowledge of the matter have said".
"Spokesmen for Deutsche Bank, Barclays and UBS declined to comment on the Citigroup estimates".