FCA Charges Six Banks With Forex Manipulation

Six global financial giants have been indicted by UK’s Financial Conduct Authority (FCA) for maintaining weak internal control systems in their foreign exchange units and for manipulating the $5.3 trillion-a-day currency markets.

According to various sources, the six banks including JPMorgan Chase & Co. (JPM), Barclays PLC (BCS), Citigroup Inc (C), HSBC Holdings PLC (ADR) (HSBC), Royal Bank of Scotland Group PLC (ADR) (RBS) and UBS AG (UBS). And have received letters from the FCA, which stated its research findings regarding the probe and declared a deadline of November to settle the deliberations.

Read on.

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