More fines on the banks. This time the sanctions come from both sides of the Atlantic, for a total of over 2,5 billion euros that will have to be paid to five of the world's major banks for a foreign exchange manipulation affair. Both the US CFTC, the derivatives markets authority, and the British FCA are targeting the British institutions HSBC and RBS, the American Citibank and JP Morgan Chase and the Swiss UBS, the latter also punished by compatriot Finma .
The Financial Conduct Authority has fined each of the five banks over £200m for a total of £1,1bn for failing to 'monitor business practices in operations on the G10 spot foreign exchange market', which is of 'systemic importance' . Indeed, it is a market in which 5.300 billion dollars circulate every day and 40% pass through London. The British Authority warns that the investigations into Barclays are continuing, which also concern other areas of the foreign exchange market, and announces the launch of "a recovery programme" for the entire sector.
