Five Banks To Pay $3 Billion To Regulatory Authorities After Forex Probe

A year-long probe into foreign-exchange manipulation across major global banks has ended in a settlement of just over $3 billion to U.K. and U.S. regulatory authorities. The Financial Conduct Authority of Britain imposed fines totaling $1.7 billion on five banks for "failing to control business practices in their G10 spot foreign exchange trading operations. Citigroup Inc. , J.P. Morgan Chase & Co., Royal Bank of Scotland Group PLC and UBS AG were the five banks named in the settlement, with fines levied on each by the FCA of over $300 million. An investigation into Barclays Bank PLC will continue into its spot FX trading and wider FX business areas, the FCA said. In the U.S., the Commodity Futures Trading Commission imposed fines of over $1.4 billion on those banks.