Banks fined for forex rigging

In another black eye for the financial industry, U. The fines, including the largest ever issued by Britain's Financial Conduct Authority, are the latest multibillion-dollar hit to the industry in the wake of alleged misconduct in the financial crisis and attempts to rig major international markets. Commodity Futures Trading Commission.

Several hours after those fines were announced, the U. The settlements end investigation into attempted manipulation of benchmark foreign exchange rates to benefit the positions of traders at the banks, regulators said.

Barclays, another global bank under investigation in the foreign exchange probe, declined to take part in the settlement.

Britain's Financial Conduct Authority said it was continuing to investigate the bank. The traders shared confidential information about clients' activities and colluded with traders at other banks to manipulate foreign exchange rates.

Some of the manipulation occurred at the same time regulators were investigating possible manipulation of another benchmark, the London interbank offered rate, also known as Libor, which helps set interest rates around the world. The New York regulator, which has jurisdiction over foreign banks charted in New York State, is probing a dozen banks in its foreign exchange probe, including Deutsche Bank.

For breaking economic news, follow JimPuzzanghera on Twitter. This post has been updated with reaction and details about a continuing investigation into Barclays.

5 big banks pay $ billion for rigging currencies - May. 20,

This post has been updated with information about additional fines by the Office of the Comptroller of the Currency. The logos of the Royal Bank of Scotland, JPMorgan Chase, UBS, Citibank and HSBC.

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