Eight of the world’s largest banks are set to discuss financial settlements with the European Commission, drawing a line under a four-year probe into allegations they formed a cartel to rig the $5.3tn global foreign exchange market.
UBS, Royal Bank of Scotland, JPMorgan Chase, Citigroup, Barclays, HSBC and two other banks are gearing up to negotiate settlements likely to cost billions of euros combined, according to several people close to the probe.
The cartel case — one of the biggest that Brussels has handled — poses a challenge to investigators because of the complexity of the alleged misconduct across a large number of currencies. It is one of the last in a flurry of investigations into the manipulation of financial benchmarks.
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