Forex market rigging probe: Global regulators close in on £1.5bn bank foreign exchange settlement

Tim Wallace
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Banks hope a group settlement will avoid the Libor mess which lost Bob Diamond his job
A clutch of banks are this week prepared to settle claims their traders tried to fiddle foreign exchange bench­marks, but final disagreements between global regulators are set to push the case back a week.

UK, US and Swiss authorities had aimed to bring out an agreement tomorrow.

However bringing so many authorities and banks into line at once has proved challenging.

The banks and regulators are keen to avoid the messy outcome of the Libor cases, when Barclays agreed to co-operate first with the authorities and was then vilified, losing chairman Marcus Agius and chief executive Bob Diamond in swift succession.

A group, including RBS, Barclays, JP Morgan, UBS, HSBC and Citi, are expected to be involved, with settlements totalling around £1.5bn.

The banks declined to comment.

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