Swiss UBS faces fine over alleged precious metals trading wrongdoing

The bank, FT.com reports, is just one of the six financial institutions expected to announce an agreement of at least $2.37 billion (£1.5bn) in fines on Wednesday to settle accusations of foreign exchange market rigging with the U.K.’s Financial Conduct Authority (FCA).

The other five banks working on the settlement are U.S. banks JP Morgan (NYSE:JPM) and Citigroup (NYSE:C); Britain's HSBC (LON:HSBA) and Barclays (LON:HSBA), and Royal Bank of Scotland (LON:RBS).

Several U.S. authorities are also expected to be part of the settlement, with the U.S. Commodity Futures Trading Commission could announce a settlement with a group of banks some time this week.

No guilty parties … yet

So far close to 35 traders have been suspended or fired by their banks. No individual or institution has so far been accused of any wrongdoing.

Read More: www.mining.com/swiss-ubs-faces-fine-over-alleged-precious-metals-trading-wrongdoing-61182/