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Major Banks Hit With Over $5.8 Billion in FX Probe Fines – Profit & Loss (free story)
Six major banks have been required to pay over $5.8 billion in fines with five pleading guilty to FX market abuse, authorities announced today (20 May).

• In FX Rigging: ‘If You Ain’t Cheating, You Ain’t Trying’ – Reuters
• Bank Fine Scorecard (Follow Along at Home!) – Bloomberg View

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UBS Granted Immunity; Settles US FX, Libor Cases – Profit & Loss (free story)
UBS has been granted “conditional immunity” after it entered into resolutions with the US Department of Justice (DoJ), the Board of Governors of the Federal Reserve System and the Connecticut Department of Banking in their investigations of the global foreign exchange markets.

• UBS to Pay $545 Million Over Forex Scandal, Rivals Await Fate – Reuters
• UBS Participates in Resolutions of Industry-Wide FX Matter (press release)

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Foreign Exchange Traders Sober Up as Market-Rigging Fines Loom –Bloomberg
When global bond investors lost more than $400 billion in one week this month, Koon Chow, a Union Bancaire Privee currency strategist, asked sales contacts at banks about the impact on foreign exchange markets. He didn’t get much help.

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Barclays Set for Record UK Bank Fine – the Telegraph
The City watchdog is expected to hand out its biggest-ever fine to Barclays on Wednesday as the British bank becomes the last major financial institution to settle foreign exchange rigging allegations in the UK.

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UK Forex Inquiry Comes Under US Pressure – Financial Times (subscription)
The integrity of a Bank of England inquiry is in question as prosecutors in the US probe what the central bank knew about traders’ behaviour in the foreign exchange market.

• US Contacts UK FX Trader Over Bank of England Meeting – Reuters

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Banks’ Multi-Billion Dollar FX Settlements Delayed – Financial Times (subscription)
The latest multi-billion dollar round of settlements between banks and regulators for rigging foreign exchange markets has been delayed by about a week, people familiar with the situation said. Barclays, Royal Bank of Scotland, JP Morgan Chase, Citigroup and UBS were expected to be fined collectively more than $6 billion today, with most of the fines going to the US Department of Justice.

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Citi Ready to Plead Guilty to FX Antitrust Charge? – Profit & Loss (free story)
Citi could be ready to plead guilty to an antitrust charge in order to help resolve one of the ongoing FX lawsuits against the bank.

• Citigroup Says Could Plead Guilty in DoJ’s Forex Investigation – Wall Street Journal (subscription)
• Citigroup Says US Declines to Prosecute on Libor Rigging – Bloomberg

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Banks Face US Court Challenge Over FX Futures Manipulation – Profit & Loss(free story)
A number of major banks are now under fire in a US court for allegedly manipulating the FX markets on futures exchanges, including CME and the Intercontinental Exchange (ICE) Futures US.

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