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.
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