Press Review: Regulators fine global banks $3.4 billion in forex probe

REUTERS

Regulators fine global banks $3.4 billion in forex probe

Global regulators imposed penalties totaling $3.4 billion on five major banks, including UBS (UBSN.VX), HSBC (HSBA.L) and Citigroup (C.N) on Wednesday for failing to stop their traders from trying to manipulate foreign exchange markets.

Royal Bank of Scotland (RBS.L) and JP Morgan (JPM.N) were also fined over attempts to rig currency benchmarks in a year-long probe that has put the largely unregulated $5 trillion-a-day market on a tighter leash, with dozens of dealers suspended or fired.

Source: http://www.reuters.com/article/2014/11/12/us-banks-forex-settlement-cftc-idUSKCN0IW0E520141112

REUTERS

Hong Kong to scrap daily yuan conversion limit to boost stock investment

Hong Kong will scrap the daily 20,000 yuan ($3,264) conversion limit for residents from Monday when a landmark scheme to link the city's stock market with Shanghai is launched, facilitating investment flows into China's stock market.

Source: http://www.reuters.com/article/2014/11/12/us-china-hongkong-yuan-idUSKCN0IW0CK20141112

BLOOMBERG

Sanctioned Russian Banks Said to Woo Exporter Dollars

Russian banks cut off from U.S. and European capital markets by sanctions are wooing exporters with higher rates for deposits in euros and dollars, according to three people with knowledge of the situation.

Source: http://www.bloomberg.com/news/2014-11-12/sanctioned-russian-banks-said-to-woo-exporter-dollars.html