Algorithms are now used to carry out 90% of orders placed at the daily fix rate, compared with about 5% before the 4pm FX fix investigation.
Read moreThe size of the fines the bank paid to regulators because of Forex rigging equal more than 2,000 times the revenues it generated from market manipulation, estimates Citi's Jamie Forese.
Read more"If the DoJ does tear up the UBS agreement, it would mark the first time it has brought criminal charges against a bank that breached the terms of an NPA." - Financial Times
Read moreThe US authorities are expecting to gain a criminal conviction against Citigroup for FX rate manipulation
Read moreCitigroup and Barclays will reportedly settle a lawsuit with private investors who say the banks manipulated forex rates within the week. The Banks are expected to pay up to a combined $800m to settle the lawsuit, considerably larger payments than those made by JP Morgan and UBS who have settled their parts of the same…
Read moreSwitzerland's UBS has agreed to pay $135 million to settle a class action lawsuit by institutional investors for FX rate manipulation, revising its profit downwards, but announcing an increase in its CEO's remuneration package in its recently released annual report
Read moreBNY Mellon faces lawsuits relating to the method used to determine currency exchange rates for certain transactions, and is now in talks with the authorities, including New York Attorney General Eric Schneiderman, with regard to settlement
Read more"To be clear, no further bonus payments will be made or unvested bonus awards released to those in scope of the review until it has concluded and its recommendations have been considered" - Jon Pain, Head of Conduct and Regulatory Affairs, RBS
Read moreIn preparation for the announcement of third quarter results for 2014, three of London's banking giants set aside £1 billion for potential settlement with the FCA on FX rate manipulation
Read moreIndependent financial industry research consultancy Autonomous Research points to potentially astronomical fines leveled at banks for FX rate rigging
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