News surfaced Wednesday that regulators in the US, Britain and Switzerland have fined six banks a total of $4.3 billion for trying to manipulate foreign exchange markets. The culprits are Citigroup (NYSE: C), JPMorgan Chase (NYSE: JPM), the Royal Bank of Scotland Group (LSE:RBS,NYSE:RBS), HSBC Holdings (NYSE:HSBC), the Bank of America (NYSE:BAC) and UBS (NYSE:UBS), a Bloomberg report states. They were investigated by the US Commodity Futures Trading Commission, the UK Financial Conduct Authority and the Swiss Financial Market Supervisory Authority (FINMA). In addition, UBS has been taken to task for misbehavior at its precious metals spot-trading desk, which has been part of its foreign-exchange desk since 2008. According to the Financial Times, that's in contrast to other banks, where precious metals and forex businesses are not closely integrated. It's that closeness that seems to have tripped up UBS. A recently published Bloomberg Businessweek article quotes Mark Branson, FINMA's CEO, as saying, "[t]he behavior patterns in precious metals were somewhat similar to the behavior patterns in foreign exchange." He added, "[w]e have also seen clear attempts to manipulate fixes in the precious metals markets." Specifically, FINMA uncovered "front running" on the now-disbanded silver fix — in layman's terms, trading on advance information not available to clients. "Electronic chats" reportedly played a big role in that activity. UBS will pay a price of $800 million for its transgressions. That said, more punishment may be in store. Bloomberg notes that "[b]anks and individuals could face further penalties and litigation," while Tim Dawson, an analyst at Helvea, told the news outlet that the banks are "likely to face a heavy burden of potential litigation in coming years."