Regulators in US and UK mete out record fines after finding a ‘free for all culture’ on currency trading floors at RBS, HSBC, Citibank, JP Morgan and UBS

The corruption of the world’s biggest currency dealers was laid bare on Wednesday (12.12.2014) when regulators imposed £2.6bn of fines on six major banks for rigging the £3.5tn-a-day foreign exchange markets.

Two UK and US regulators said they had found a “free for all culture” rife on trading floors which allowed the markets to be rigged for five years, from January 2008 to October 2013.

The much-anticipated record settlement did not include Barclays, which remains in discussions with other regulators.

Regulators in US and UK mete out record fines after finding a ‘free for all culture’ on currency trading floors at RBS, HSBC, Citibank, JP Morgan and UBS

Full Text:

http://www.theguardian.com/business/2014/nov/12/foreign-exchange-fines-ubs-hsbc-citibank-jp-morgan-rbs-penalties-market-rigging?