Foreign exchange fines: banks handed £2.6bn in penalties for market rigging

The corruption of the world’s biggest currency dealers was laid bare on Wednesday when regulators imposed £2.6bn of fines on six major banks for rigging the £3.5tn-a-day foreign exchange markets.

Two UK and US regulators said they had found a “free for all culture” rife on trading floors which allowed the markets to be rigged for five years, from January 2008 to October 2013.

The much-anticipated record settlement did not include Barclays, which remains in discussions with other regulators.