Unnamed sources said Thursday that discussions with UK authorities are heading towards a settlement in the case that alleges the manipulation of the foreign exchange market.
According to reports, the Financial Conduct Authority could reach a settlement with several banks as soon as this year. The banks that are in settlement talks include Barclays, JPMorgan Chase, Citigroup and UBS, the sources said. One source said RBS and HSBC may also be part of the discussions.
The FCA is said to be looking to fast-track the process and may be issuing fines for the alleged collusion within the next few months.
Authorities are probing the banks on accusations that traders struck deals ahead of their clients and manipulated the foreign exchange WM/Reuters rate. Since investigations have started, reports say 25 traders have been fired, suspended or put on leave as a result of the allegations.
Full content: Businessweek
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
EU Conducts First-Ever Raids on a Company Under Foreign Subsidies Regulation
Apr 23, 2024 by
CPI
FTC Moves to Ban Non-Compete Agreements, Aiming to Boost Labor Mobility
Apr 23, 2024 by
CPI
Federal Judge Nods at $418M Deal in Real Estate Antitrust Suit
Apr 23, 2024 by
CPI
Mexican Watchdog Probes Amazon and Mercado Libre Over Loyalty Bundles
Apr 23, 2024 by
CPI
Competition Commission of India to Probe AI Landscape for Competition
Apr 23, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI