Day of Reckoning: Banks to Pay $3.3B Over Rate-Rigging

The transcript discusses the CFTC's decision to fine five major banks over $1.4 billion for FX market manipulation. It highlights the banks involved, including Citibank, HSBC, JP Morgan, RBS, and UBS, and notes the absence of Barclays in the current fines. The discussion extends to the roles of other regulators like the FCA and FINMA, and the provisions banks have made for these fines. The transcript also compares the current situation to the Libor scandal, emphasizing the quicker and more coordinated regulatory response. It concludes with insights into the global impact and future implications of these regulatory actions.

Which regulatory body ordered five banks to pay over $1.4 billion in fines for FX manipulation?

• SEC

• FCA

• CFTC

• FINMA

Which bank was not named by the CFTC in the recent FX probe?

• JP Morgan

• HSBC

• Citibank

• Barclays

What is the unique aspect of FINMA's regulatory approach in Switzerland?

• They can impose unlimited fines

• They can only charge a portion of profits

• They have no authority over banks

• They can only issue warnings

How much did FINMA levy as a fine on UBS in Swiss francs?

• 290 million

• 134 million

• 200 million

• 150 million

What was the total amount of fines imposed by US and UK regulators in the FX probe?

• $5 billion

• $2.5 billion

• $3.2 billion

• $4 billion

Which bank is ranked number one in terms of market share in foreign exchange?

• HSBC

• Citigroup

• Barclays

• Deutsche Bank

How do the penalties in the FX probe compare to those in the Libor scandal?

• They are similar in size and coordination

• They are larger and more coordinated

• They are smaller but more coordinated

• They are smaller and less coordinated