JP Morgan Settles Currency Manipulation Lawsuit in US

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JP Morgan Settles Currency Manipulation Lawsuit in US – Reuters
JP Morgan has become the first bank to settle a US antitrust lawsuit in which investors accused 12 major banks of rigging prices in the foreign exchange market. The largest US bank will pay about $100 million, a person familiar with the matter said. Lawyers for the bank and the investors said a settlement had been reached in a letter filed on Monday with the US District Court in Manhattan.

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Exclusive: FXBG’s Debelle and Fisher Discuss the Details of the WM Fix Reforms

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Euro Falls to Nine-Year Low Amid Greece Woes – Financial Times(subscription)
The euro briefly sunk to a nine-year low against the dollar on Monday on the back of a disputed report that Germany was prepared to allow Greece to quit the currency bloc and more hints the European Central Bank is preparing to buy government bonds.

A New Fix Era – Profit & Loss (subscription)
As WM strives to alter its fixing methodology in line with the recommendations of the FSB’s FX Benchmark Group, in a Squawkbox exclusive, FXBG co-chairs Guy Debelle and Paul Fisher answer Colin Lambert’s questions over the recommendations.

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December 31, 2014 – BP Probes In-House Foreign Exchange Traders

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BP Probes In-House Foreign Exchange Traders – Financial Times (subscription)
BP is investigating whether in-house financial traders at the oil and gas group were involved in a foreign exchange manipulation scandal that has led regulators to levy $4.3 billion in fines on six banks.

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December 30, 2014 – The Cartel: How BP Used a Secret Chat Room for Insider Tips

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The Cartel: How BP Used a Secret Chat Room for Insider Tips – Bloomberg
Traders at BP regularly received valuable information from counterparts at some of the world’s biggest banks – including tips about forthcoming trades, details of confidential client business and discussions of stop-losses, the trigger points for a flurry of buying or selling – according to four traders with direct knowledge of the practice.
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December 29, 2014 – Bonuses of 18 RBS Employees on Hold Due to FX Review

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Bonuses of 18 RBS Employees on Hold Due to FX Review – Profit & Loss (subscription)
The Royal Bank of Scotland (RBS) has suspended the bonuses of 18 individuals pending the outcome of its review into the failings of its foreign exchange business, as per the UK regulatory watchdog’s instruction.

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