FCA hits RBS, HSBC, UBS, JPMorgan and Citi with record £1.1bn fine in forex rigging scandal November 12, 2014 Some of Britain's biggest banks have been slapped with a fine of £1.1bn by the Financial Conduct Authority (FCA) for "failing to control business practices" in their foreign exchange trading operations. After a year-long investigation into allegations of rate-rigging in their spot forex trading businesses, the UK's financial watchdog said the actions of the five [...]
Banks brace for record forex settlement fine November 11, 2014 BANKS in the UK will today be told how much they have to pay the banking regulator in fines, following a year-long investigation into the manipulation of foreign exchange markets. Six banks, including three based in the UK, will face record fines this morning as part of the forex probe. The combined penalty to be [...]
Forex market rigging probe: Global regulators close in on £1.5bn bank foreign exchange settlement November 10, 2014 A clutch of banks are this week prepared to settle claims their traders tried to fiddle foreign exchange benchmarks, but final disagreements between global regulators are set to push the case back a week. UK, US and Swiss authorities had aimed to bring out an agreement tomorrow. However bringing so many authorities and banks into [...]
Why retail forex traders perform best in the morning – DailyFX Tips & Picks November 10, 2014 It can be hard to work out the best time of day to trade the FX markets, not least because the decision is dependent on the type of strategy you use. But through research, we have some idea of when retail traders may perform the best. Data from 12m real trades were collated, and it [...]
UBS to settle over precious metals misconduct allegations as part of forex market rigging probe November 9, 2014 UBS are expected to strike a settlement with financial regulators over allegations of misconduct at its precious metals trading business. The settlement will form a part of a £1.5bn agreement the Swiss lender is due to make with five other banks to settle allegations of forex market rigging. According to a report in [...]
JP Morgan: US Department of Justice investigates forex trading as bank sets aside additional $1.3bn for litigation November 4, 2014 JP Morgan has increased the amount of money set aside for potential litigation costs by $1.3bn (£813m) as it revealed the US Department of Justice (DoJ) has launched a criminal investigation into the banks currency trading. The investigation by the DoJ follows a number of similar probes by regulators, including the Financial Conduct Authority (FCA) [...]
HSBC share price falls despite revealing lower-than-expected forex provision November 3, 2014 Shares in HSBC Holdings fell this morning after it revealed it has earmarked $378m (£236m) in provisions for the FCA's probe into its involvement in the foreign exchange scandal, lower than the £400m expected. The provision is the smallest sum announced by a bank so far. The group, which this morning posted pre-tax profits [...]
How much have RBS, Barclays, JP Morgan, Citigroup, UBS and HSBC set aside for potential costs from the FCA forex market rigging probe? October 31, 2014 RBS is the latest bank to set aside a hefty pot of cash for the potential costs of settling with the City regulator after a major investigation into the manipulation of forex markets. The bank revealed that figure stands at £400m in its third quarter results today. It’s a large sum, but by no means [...]
RBS share price: Investors not spooked as it sets aside £400m for forex probe October 31, 2014 RBS shares opened almost 3.5 per cent higher as it reported a huge jump in profits in the third quarter, raising the possibility that the government’s 80 per cent share in the bank could be sold sooner than expected. Profit before tax for the three months to the end of September came in at £1.27bn, [...]
Barclays sets aside £500m to pay forex bill October 30, 2014 BARCLAYS is set to pay £500m to settle claims its traders tried to manipulate foreign exchange benchmarks. “These are ongoing discussions with certain regulatory agencies,” said finance director Tushar Morzaria. The news came as Barclays reported pre-tax profits of £1.59bn for the third quarter, up 14.8 per cent on the year. Revenues slid one per [...]