Major Banks Fined Billions for FX Market Abuse
Tier-one firms collectively penalized in joint regulatory action.
The UK Financial Conduct Authority (FCA), the US Commodity Futures Trading Commission (CFTC) and the Swiss Financial Market Supervisory Authority (Finma) issued coordinated statements detailing the scale of the offences and the subsequent severity of the penalties. The CFTC is levying $1.1 billion in fines, the FCA has issued approximately $1.7 billion, and Finma is requiring UBS to disgorge $138 million. JPMorgan, RBS, Citibank, HSBC and UBS were all fined.
The amounts far outstripped those
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