Banks facing £2bn fine for rate rigging: Regulators suspect traders at six major banks may have conspired to fix £3trillion-a-day 'FX' market

Six major banks including Royal Bank of Scotland and Barclays to face finesRegulators in U.S., Asia and Europe suspect traders conspired to fix marketBanks including Barclays and Lloyds have already been fined for rigging the London Interbank Offered RateSix major banks including Royal Bank of Scotland and Barclays face huge fines for rigging the ‘Wild West’ foreign currency market.The lenders held secret talks with the City watchdog this week to try to thrash out a deal.Those also involved in the negotiations are understood to include HSBC, US banks Citigroup and JPMorgan and Swiss lender UBS.The fines are expected to be confirmed simultaneously, with the total bill set to be as high as £2billion and one bank facing a fine of between £300million and £400m.Regulators in the United States, Asia and Europe suspect traders conspired to fix the £3trillion-a-day ‘FX’ market by rigging rates used when buying and selling currencies.Martin Wheatley, of the Financial Conduct Authority, has previously warned the foreign exchange allegations are ‘every bit as bad as they have been with Libor’.READ MORE @ http://www.dailymail.co.uk/news/article-2771502/Banks-facing-2bn-fine-rate-rigging-Regulators-suspect-traders-six-major-banks-conspired-fix-3trillion-day-FX-market.html

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Krishna Kalki September 28, 2014 at 9:15pm

Most Banks are probably double dealing behind your back ...do not be fooled by the front image and their fancy suits for they are wolves and foxes in disguise. The corruption that goes on inside the banks is shocking .. Double dealing, fixing and rigging is their mantra and their real policy ... they need to be torn apart from the roots and the corrupt staff ternimated as corruption is in their bloods for if they are let loose they will find another way to spread their corrupt ways which they are now addicted too
Krishna Kalki September 27, 2014 at 9:20pm

THE ARTICLE CLEARLY STATES : The US presidents are appointed CEO's (they are not elected by us!), and their allegiance is to the "board of directors," not to the American citizens. We are seen as employees of the company and voting is designed as a distraction meant to offer us the illusion that we have a say in all this
Krishna Kalki September 27, 2014 at 9:18pm

Take all you money out of the Banks has been mentioned quiet a few times on the web
Krishna Kalki September 27, 2014 at 7:43pm

The question is do you still trust Bank Staff???
The Bank Management Staff teach their staff on how to cheat people

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