Barclays Boosts Expected Bill for Foreign Exchange Fines to More Than $3 Billion

Top Headlines

Barclays Boosts Expected Bill for Foreign Exchange Fines to More Than $3 Billion – Wall Street Journal (subscription)
Barclays boosted its expected bill for foreign exchange fines to more than £2 billion on Wednesday and said it is working hard to settle investigations with global regulators.

Read More

Deutsche Bank Faces Rate Rigging Fine From US, UK Watchdogs

Top Headlines

Deutsche Bank Faces Rate Rigging Fine From US, UK Watchdogs – Reuters
Deutsche Bank faced a multi-billion-dollar fine on Thursday, as British and US officials prepared to announce a legal settlement over alleged attempts at its London-based subsidiary to manipulate interest rate benchmarks.

Read More

SNB Move on Negative Rates Sends Swiss Franc Sharply Lower

Top Headlines

SNB Move on Negative Rates Sends Swiss Franc Sharply Lower – Reuters
The Swiss franc fell 1% against the dollar and dropped against the euro on Wednesday after the Swiss National Bank said it was reducing considerably the number of institutions exempt from negative rates on cash deposits held at the central bank.

Read More

NY Bank Regulator Says Currency Probe Could Last Months

Top Headlines

NY Bank Regulator Says Currency Probe Could Last Months – Bloomberg
New York bank regulator Benjamin Lawsky indicated he won’t block Barclays from settling a probe into its foreign currency trading operations by the US Justice Department provided the bank agrees to cooperate with a probe of his own that could stretch for months afterward.

Read More

DoJ Pushes for Foreign Exchange Deal with Five Banks in May – Financial Times (subscription)

Top Headlines

DoJ Pushes for Foreign Exchange Deal with Five Banks in May – Financial Times (subscription)
The US Department of Justice is pushing for five banks, including JP Morgan Chase and Barclays, to resolve allegations they manipulated the foreign exchange markets in one mega settlement scheduled for mid-May, according to people familiar with the case.
Read More

Swiss Franc Antics Threaten Banks’ Grip on Currency Trading

Top Headlines

Swiss Franc Antics Threaten Banks’ Grip on Currency Trading – Bloomberg
The grip of the world’s biggest banks on the $5.3-trillion-a-day currency market is under attack. After the Swiss National Bank stunned the world in January by abandoning its price cap on the franc, some banks sought to reduce their losses by trying to renege on transactions. Dealers including Bank of America, Barclays and Goldman Sachs approached customers about changing some trades, according to people familiar with the discussions.

Read More