or placed on leave senior currency traders. The banks who settled over forex Barclays, Citigroup, JPMorgan Chase, RBS, Bank of America and UBS are hoping the deal will allow them finally to draw a line under both affairs. Questions will be asked as to why no CEO or senior figure has resigned at any of these banks as the size of this fine and the investigations so far have revealed the rigging of forex was part of the culture of these banks,. 8 At least 15 banks including Barclays, hsbc, and Goldman Sachs disclosed investigations by regulators. AFP, previous image, next image, next Thumbnails, previous Thumbnails.
"Deutsche Bank, Citi feel the heat of widening FX investigation". Embarrassingly for the managers meant to have been in charge of the traders, suspicious price movements were first highlighted by a whistleblower. Pleading guilty for such wrongdoing is another stark reminder of how badly this bank lost its way and how important it is for us to regain trust. Today only a fraction of currency trading is directly related to the original purpose of facilitating cross-border trade: the rest is speculative. Retrieved 13 November 2014. 32 In Switzerland the Swiss Financial Market Supervisory Authority has announced that for a period of two years UBS will be limited to a maximum annual variable compensation to 200 of the basic salary for foreign exchange and precious metals employees globally. On Tuesday, Mark Carney, governor of the Bank of England, will face questions on whether Bank of England officials effectively told leading foreign exchange traders that such actions were not illegal. "Forex in the spotlight". More video, wednesdays penalties take the total the banks have paid in fines and settlements since 2008 to more than 160bn. The chatroom was used by some of the most influential traders.