The UK’s Financial Conduct Authority (FCA) is reportedly nearing deal with a group of global banks to settle currency-rigging probe.
The British regulator is in talks with banks including Barclays, Citigroup, JPMorgan Chase & Co and UBS, reported Bloomberg.
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The publication said that Royal Bank of Scotland Group and HSBC Holdings may also be part of the group settlement.
Bloomberg quoted unnamed sources saying that the regulator is planning to fast-track the process and might impose any fines in the coming months. It is also seeking to keep the scope narrow to speed up a settlement.
The discussions were ongoing and an agreement may extend into next year, the sources told Bloomberg.
Meantime, UK’s Serious Fraud Office (SFO) is set to commence its first criminal investigation into alleged rigging of the foreign-exchange market.
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