LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Royal Bank of Scotland Group plc (LON:RBS) said it expects to settle with American authorities investigating Forex manipulation at the bank in the coming month and set aside a further 334 million pounds ($515 million) to cover the potential cost.
The allocation from RBS takes the total set aside by the bank for future FX settlements to 704 million pounds ($1.08 billion) making it one of the biggest offenders within the global FX investigations.
The bank was fined $634 million by British and American regulators last November, being one of six institutions which paid out a combined $4.3 billion for traders manipulating currency markets.
First reported by Reuters, RBS said on Thursday that it was in advanced discussions and expects to settle before the end of June.
Rival bank Barclays, which has yet to settle and payout any such fines with any regulators over its own rigging allegations, on Wednesday set aside another 800 million pounds to cover the issue.
To read more about RBS and it’s upcoming settlement from Reuters, click here.