UK's FCA Close to FX Rigging Settlement Agreements with Several Major Banks
- Bloomberg reports sources close to the investigation have stated that that the UK's Financial Conduct Authority is close to settling with Barclays, Citigroup, JPMorgan Chase & Co and UBS, RBS and HSBC pending.
Bloomberg reports that sources close to the investigation have shared information that a settlement in the FX fixing rate rigging scandal is close to conclusion between the Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol ) and Barclays, Citigroup, JPMorgan Chase and UBS AG. According to the information obtained by Bloomberg, the Royal Bank of Scotland (RBS) and HSBC can also participate in the settlement agreement.
Apparently, the UK regulator has taken the matter into his own hands rather briskly, as this news comes only a year after Bloomberg broke the news about alleged wrongdoings by major FX market participants, who conspired to fix the London FX benchmark at 4PM. If we compare this outcome to the Libor Libor Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading fixing investigations, the results are being reached much quicker.
Unfortunately for the banks, UK authorities have not concluded with the matter, as earlier this week reports about the Serious Fraud Office opening a criminal proceeding hit the newswires.
The London Fx fixing benchmark is widely used by financial institutions worldwide to value assets across the spectrum and to determine what they are paying in foreign currencies.
Bloomberg reports that sources close to the investigation have shared information that a settlement in the FX fixing rate rigging scandal is close to conclusion between the Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol ) and Barclays, Citigroup, JPMorgan Chase and UBS AG. According to the information obtained by Bloomberg, the Royal Bank of Scotland (RBS) and HSBC can also participate in the settlement agreement.
Apparently, the UK regulator has taken the matter into his own hands rather briskly, as this news comes only a year after Bloomberg broke the news about alleged wrongdoings by major FX market participants, who conspired to fix the London FX benchmark at 4PM. If we compare this outcome to the Libor Libor Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading fixing investigations, the results are being reached much quicker.
Unfortunately for the banks, UK authorities have not concluded with the matter, as earlier this week reports about the Serious Fraud Office opening a criminal proceeding hit the newswires.
The London Fx fixing benchmark is widely used by financial institutions worldwide to value assets across the spectrum and to determine what they are paying in foreign currencies.