Barclays, Citigroup, JPMorgan & RBS Expected to Plead Guilty in FX Probe
- The four major banks are likely to pay billions of fines as the U.S. Justice Department officials are pushing criminal cases
Information published by the Wall Street Journal suggests that four major global financial institutions are likely to plead guilty of manipulating the foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term market. The U.S. Department of Justice (DoJ) has been building a solid case for criminal offense conducted by Barclays, Citigroup, JPMorgan and RBS.
Sources cited in the WSJ report suggest that the prosecutors are likely to announce billions in settlements with the above mentioned institutions pleading guilty to criminal antitrust charges. This is a different breed of settlement for major financial institutions, as when it comes to regulatory charges they usually do not admit to any wrongdoing.
The DoJ has been building a solid case with evidence supporting a criminal case. At the center of the information collected by prosecutors is data from Swiss bank UBS. It is likely to receive immunity since it was the first institution to actively cooperate with authorities, providing them with information about the fraudulent practices used by major banks to rig the currency market.
The Swiss bank has acted in a similar way in 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 Read this Term cases, when it was the first to decide to supply authorities with information.
On a separate note, sources close to the investigations cited in the WSJ report say that individual criminal cases against traders are not likely to be raised by the prosecutors.
Information published by the Wall Street Journal suggests that four major global financial institutions are likely to plead guilty of manipulating the foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term market. The U.S. Department of Justice (DoJ) has been building a solid case for criminal offense conducted by Barclays, Citigroup, JPMorgan and RBS.
Sources cited in the WSJ report suggest that the prosecutors are likely to announce billions in settlements with the above mentioned institutions pleading guilty to criminal antitrust charges. This is a different breed of settlement for major financial institutions, as when it comes to regulatory charges they usually do not admit to any wrongdoing.
The DoJ has been building a solid case with evidence supporting a criminal case. At the center of the information collected by prosecutors is data from Swiss bank UBS. It is likely to receive immunity since it was the first institution to actively cooperate with authorities, providing them with information about the fraudulent practices used by major banks to rig the currency market.
The Swiss bank has acted in a similar way in 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 Read this Term cases, when it was the first to decide to supply authorities with information.
On a separate note, sources close to the investigations cited in the WSJ report say that individual criminal cases against traders are not likely to be raised by the prosecutors.