FX-Rigging Probe Settlement Accelerates With UK Regulator
As the proof piles up, and retired/suspended traders increase, Bloomberg reports that talks to reach the first settlement in the FX-rigging probe are accelerating, with Britain’s markets regulator preparing to reach a deal with a group of banks this year, people with knowledge of the talks said.
- *FCA SAID TO BE SEEKING FAST-TRACK SETTLEMENT WITH NARROW SCOPE
- *FCA TALKS SAID TO INCLUDE BARCLAYS, CITIGROUP, JPMORGAN, UBS, RBS, AND HSBC
The question remains, will guilt be admitted... or is the pending fine just another cost of doing business in the trillion dollar market manipulation miasma in which we find ourselves.
As Bloomberg reports,
The Financial Conduct Authority is in talks with banks including Barclays Plc, Citigroup Inc., JPMorgan Chase & Co. and UBS AG, said the people, who asked not to be identified because the discussions are private. Royal Bank of Scotland Group Plc and HSBC Holdings Plc may also be part of the group settlement, one of the people said.
The FCA is trying to fast-track the process and may levy any fines in the coming months, three of the people said. The watchdog is seeking to keep the scope of the deal narrow to speed up the settlement, two of the people said. The talks are still continuing and an agreement may stretch into next year, the people added. Representatives of the banks and FCA in London declined to comment on the talks.
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The timing seems odd, but maybe the banks (or more likely the traders themselves) got spooked by the opening of a criminal investigation and the possibility of real hard time...