The share prices of British banks Barclays and Royal Bank of Scotland are on the rise following the US attorney general's announcement of a multi-billion fine for their involvement in the forex rigging scandal.
The $5.6bn fine is a record-breaker, and brings the total paid to settle the forex scandal by the five banks involved to more than $9bn.
Barclays has come out with the biggest bill, being fined a total of $2.4bn (£1.54bn) by both the FCA and the US authorities this afternoon. But Barclays had put aside £2.05bn for the total, leaving the lender potentially more than £500m spare.
Its share price was up sharply as investors digested the news, rising to 3.3 per cent in afternoon trading.
Investors in RBS - whose fine of $395m also comes below its £400m provision - similarly appeared comforted by the DoJ's announcement – its share price was up 1.9 per cent at pixel time.
New York-listed banks UBS' share price was up 3.4 per cent, however Citigroup and JPMorgan Chase both fell in early trading, dropping 0.6 per cent and 0.4 per cent respectively.