FX-Rigging Probe Settlement Accelerates With UK Regulator

Tyler Durden's picture

As the proof piles up, and retired/suspended traders increase, Bloomberg reports that talks to reach the first settlement in the FX-rigging probe are accelerating, with Britain’s markets regulator preparing to reach a deal with a group of banks this year, people with knowledge of the talks said.


The question remains, will guilt be admitted... or is the pending fine just another cost of doing business in the trillion dollar market manipulation miasma in which we find ourselves.

As Bloomberg reports,

The Financial Conduct Authority is in talks with banks including Barclays Plc, Citigroup Inc., JPMorgan Chase & Co. and UBS AG, said the people, who asked not to be identified because the discussions are private. Royal Bank of Scotland Group Plc and HSBC Holdings Plc may also be part of the group settlement, one of the people said.


The FCA is trying to fast-track the process and may levy any fines in the coming months, three of the people said. The watchdog is seeking to keep the scope of the deal narrow to speed up the settlement, two of the people said. The talks are still continuing and an agreement may stretch into next year, the people added. Representatives of the banks and FCA in London declined to comment on the talks.

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The timing seems odd, but maybe the banks (or more likely the traders themselves) got spooked by the opening of a criminal investigation and the possibility of real hard time...

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Buckaroo Banzai's picture

Is "retired/suspended" a euphemism for murdered/suicided?

BaBaBouy's picture

GOLD Manipulation???

Nah, Never, Impossible, Just Can't Happen...

Al Huxley's picture

How long can it possibly take them to find that everything's good and there was no wrong-doing?  Or maybe locate some junior trader to throw under the bus?

ShorTed's picture

This is definitely gonna be junior trader hell...watch for the position clecks to eat it as well.

alien-IQ's picture

It's not a fine, it's a bribe. Get it right already.

ThroxxOfVron's picture

You'd almost think that there were elections coming up...

medium giraffe's picture

"FCA trying to fast-track the process"

Because FX is dead in the water at the moment, and until this shit is sorted out, no-one is making anything.  And everyone knows who's bending and who's thrusting in this little relationship.

Zero Govt's picture

Amazing Rothchild's never been cited by the Regulator ...he's been duping and rigging markets for Centuries 

maybe 1 day soon...

unirealist's picture

It's another opportunity for government to collect some pocket money by levying fines. Nobody's really interested in the rule of law.

If the rule of law was what mattered, then the precious metals markets would have been cleaned up long ago.

Every time I think I can't possibly get more cynical, I get more cynical.

Joebloinvestor's picture

You can bet the regulator is pushing this.

Their incompetence/corruptness has been on display since the US got the first fine and the UK feigned stupidity.

Some "financial hub" alright.

RaceToTheBottom's picture

Someone must have a job change coming up.  

Got to finish this "investigation" as part of the requirements for qualifying for their next job with the people they are regulating.


Cacete de Ouro's picture

Of course there will be no guilt admitted. The FCA are rotten to the core and are just a bunch of 2nd rate lackeys, some of whom will move back to the investment banks at some point in their careers or to the Bank of England. The whole culture of the FCA is middle class paper pushing, and meetings about meetings, and their restaurant sucks also (more of a canteen and pretty 2nd rate also compared to the banks' lunch time dining facilities).

NoTTD's picture

Can we just cut to the "huge fine" portion of today's program?


I want to find out if the transaction fee for this fraud will be 2 or 3% of the profits earned through it. 

Fuku Ben's picture

Fast tracking something is a good thing, right?

Is it just a coincidence that the criminal idea, abject denial and solution are all facilitated by the same actors that never admit guilt to anything while the audience sits there in deafening silence?


Okay, then I'll just go back to sleep now.

I'm setting my alarm clock for Sunday, July 27,2014 (Opening Date of Hades)

http://www.youtube.com/watch?v=QYmViPTndxw (7/20/2014 +7)