US, British and Swiss regulators have fined five global banks 3.4 billion US dollars for attempting to manipulate foreign exchange markets.
These are the latest penalties for an industry previously criticised for rigging interest rates and for their role in triggering the global financial crisis.
The US Commodity Futures Trading Commission, the UK Financial Conduct Authority and the Swiss Financial Market Supervisory Authority said on Wednesday that Citibank, JPMorgan Chase Bank, Royal Bank of Scotland, HSBC Bank and UBS had agreed to settlements totaling almost 3.4 billion US dollars.
The FCA said it is continuing to investigate Barclays Bank.
"I think it reflects the seriousness of the failings that we've uncovered and the failings which put the integrity of the UK's financial system at risk" said Martin Wheatley, chief executive of the FCA, speaking about the fines.
Some 5.3 trillion US dollars change hands every day on the global foreign exchange market, with 40 percent of trades occurring in London.
Currencies including dollars, pounds, euros and yen trade in the loosely regulated market dominated by a group of elite banks. But those trades have an even wider impact because companies around the world use market prices to value assets and manage currency risks.
The regulators found that between January 1, 2008 and October 15, 2013, the five banks failed to adequately train and supervise foreign currency traders.
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