Big Banks May Settle Currency Market Manipulation Case This Week

Banks suspected of rigging the foreign currency market may reach a settlement with derivatives regulator Commodity Futures Trading Commission this week. The banks in question learned on Monday that the CFTC was planning to announce its own settlements in the case, without coordinating with British and American regulators, according to the New York Times, which cited people briefed on the matter. The agency will reportedly settle at around $300 million in fines against each of the banks. But which banks the commission will settle with remains uncertain. Although the CFTC has held settlement talks with Barclays, JPMorgan, Citigroup, Royal Bank of Scotland, UBS and HSBC, some of the banks reportedly still need approval from their boards before a settlement can be reached.