Banks suspected of rigging the US$5.3 trillion-a-day currencymarket are preparing to reach settlements as early as this weekwith the main U.S. derivatives regulator, according to a personwith knowledge of the cases.

The Commodity Futures Trading Commission (CFTC) may levy finesof about $300 million against each firm, depending on the level oftheir involvement, said the person, who spoke on condition ofanonymity because deals haven't been announced. It's unclear howmany firms may settle with the CFTC as U.K. and U.S. bankregulators prepare to levy related penalties this week, the personsaid.

There was no immediate response to an emailed request forcomment from the CFTC after normal business hours. The New YorkTimes reported late yesterday on the talks with the agency.

Investigations are under way on three continents as authoritiesprobe allegations that dealers at the world's biggest bankstraded ahead of clients and colluded to rig benchmarks used bypension funds and money managers to determine what they pay forforeign currencies.

The U.K. Financial Conduct Authority (FCA) is poised to reachsettlements as soon as this week with six banks, which togetherhave set aside about $5.3 billion in recent weeks for legal mattersincluding the currency investigations, people with knowledge ofthose talks have said.

Barclays Plc, Citigroup Inc., HSBC Holdings Plc, JPMorgan Chase& Co., Royal Bank of Scotland Group Plc, and UBS AG are insettlement talks with the FCA, people with knowledge of thesituation have said.

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