Big Banks Slapped With £2.6bn FX 'Rate Rigging' Fines But Will They Ever Learn?

As I mull the £2.6 billion (c.US$4.3bn) of collective fines handed out by UK and US regulators to six of the world’s biggest banks, which includes Bank of America, Citibank, HSBC, Royal Bank of Scotland, JPMorgan Chase and UBS - over traders’ attempted rigging of foreign exchange (FX) rates - one wonders how this situation in The City of London was allowed to occur in the first place and for so long.