Banks suspected of rigging the US$5.3 trillion-a-day currency market are preparing to reach settlements as early as this week with the main U.S. derivatives regulator, according to a person with knowledge of the cases.
The Commodity Futures Trading Commission (CFTC) may levy fines of about $300 million against each firm, depending on the level of their involvement, said the person, who spoke on condition of anonymity because deals haven't been announced. It's unclear how many firms may settle with the CFTC as U.K. and U.S. bank regulators prepare to levy related penalties this week, the person said.
There was no immediate response to an emailed request for comment from the CFTC after normal business hours. The New York Times reported late yesterday on the talks with the agency.
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