Benchmarking fines could cost banks $40 billion, says Citi

Analysts extrapolate from £1.8bn FCA fine


The banking industry could be facing fines totalling $40 billion for the alleged manipulation of FX benchmark rates, according to a research note from equity analysts at Citi.

The UK Financial Conduct Authority is in talks with six banks to establish a group settlement, currently believed to be about £1.8 billion. The Citi research note, written by Kinner Lakhani, extrapolates the $40 billion figure using a ‘multiplier' effect for additional penalties from US and European regulators.

The note

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

If you already have an account, please sign in here.


Want to know what’s included in our free registration? Click here

This address will be used to create your account

Calibrating interest rate curves for a new era

Dmitry Pugachevsky, director of research at Quantifi, explores why building an accurate and robust interest rate curve has considerable implications for a broad range of financial operations – from setting benchmark rates to managing risk – and hinges on…

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here