British regulators investigating allegations of collusion and manipulation in the foreign exchange market could fine a group of six banks as early as next Wednesday, people familiar with the matter said. The six banks are Switzerland's UBS, U.S. banks JP Morgan and Citigroup and Britain's HSBC, Barclays and Royal Bank of Scotland, sources said. They are expected to be fined a total of about £1.5 billion ($2.37 billion). It would be the first settlement in the year-long global probe into the $5.3 trillion-a-day foreign exchange market. Around 35 traders have been suspended or fired by their banks. No individual or institution has so far been accused of any wrongdoing. A group settlement could be appealing to the banks, after Barclays in 2012 was singled out as the first bank to settle with regulators over a global investigation into the rigging of benchmark interest rates. Three sources said the Financial Conduct Authority (FCA) was working to release the coordinated settlement.
Steve Slater, Reuters