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November 13, 2014

Major Banks Fined $4.3 Billion over Exchange Market Manipulation 
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Six of the world's largest banks have been fined a collective $4.3
billion for manipulating the foreign exchange market. HSBC, Royal Bank
of Scotland, JPMorgan Chase, Citigroup, UBS AG and Bank of America were
found to be negligent in traders' collusion around global currency.
Martin Wheatley of Britain's Financial Conduct Authority unveiled the
penalties.

Martin Wheatley: "The traders put their own interests ahead of their
customers. They manipulated the market, or attempted to manipulate the
market, and abused the trust, I think, of the public, and certainly us
as regulators. The banks' failures to establish adequate systems and
controls are what allowed the traders to manipulate the fixed rates
across the world's largest currencies, and failings like this seriously
undermine confidence in the market and undermine the attempts to
genuinely reform banking culture."

 

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