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A total of eight lenders are poised to begin a round of discussions with the European Commission following allegations of forex market rigging. The landmark case involves a cartel of banks and represents the latest crackdown against abuse and misconduct into a nearly $5.3 trillion currency market.
In terms of fines, the FX market has been one of the most targeted segments of the financial services industry over the past few years with billions in fines being doled out to big banks for rigging charges. The commission had undergone a four-year probe into eight banks – UBS, Royal Bank of Scotland ... (read more)