Forex rigging scandal – a timeline of the banking probe

Bank of England’s foreign exchange joint standing committee’s (chief dealers sub-group) starts to raise concerns about the capacity to fix FX benchmarks

 

The Financial Conduct Authority launches a preliminary investigation into claims banks were rigging the FX rate to benefit at the expense of clients

 

The Financial Conduct Authority, Bank of England (led by Mark Carney, left), Department of Justice and Swiss market regulator Finma all begin formal probes

 

Deutsche Bank, UBS, Barclays and RBS confirm they are co-operating with regulators investigating foreign exchange practices at the bank

 

Citigroup, JP Morgan, HSBC (led by Stuart Gulliver, left) and Goldman Sachs also confirm that they are co-operating with regulators examining claims of FX rigging

 

Citigroup fires its former head of European spot trading and Deutsche Bank suspends several traders after an internal investigation

 

The New York banking regulator headed by Benjamin Lawsky (right) opens its own investigation while the Financial Stability Board says it will review FX fixing

 

The Financial Stability Board consultation into the FX benchmark closes and preliminary proposals are tabled to reform the benchmark  

 

The FCA starts negotiations with banks into whether they will settle the investigation and pay a record set of fines.