UBS said on Wednesday it will pay $1.2 billion to the U.S. Department of Justice and the Commodity Futures Trading Commission, 160 million pounds ($260 million) to Britain's Financial Services Authority (FSA) and 59 million Swiss francs ($65 million) to Swiss regulator Finma.
Thomson Reuters Proprietary Research study pointed to a strong momentum for gold over the medium term, identifying strong global liquidity and low interest rates as support for a continued rally.
Barack Obama on Thursday named Mary Schapiro, head of the securities industry's self-regulatory body, as chair of the Securities and Exchange Commission.
The decision of the US regulator not to allow financial institutions any further increase in their exposure to commodity futures leaves a question mark on the proposal to allow MFs and banks to trade in commodity futures in India. In India if mutual funds, banks, NRI's and Foreign Institutional Investors (FIIs) are allowed there should be limits fixed by the regulator regarding exposure to commodities. The price discovery function can happen only if there is liquidity.
The US Commodity Futures Trading Commission is considering a proposal from the Rapaport Group to start the world's first diamond-futures contracts.
Damage from new shenanigans can be contained if regulators move quickly when something does not smell right, counsels Debashis Basu.
Five years after the catastrophic collapse of the Wall Street, the American economy is growing and the businesses are creating jobs, Obama said yesterday while nominating Timothy Massad to run the Commodity Futures Trading Commission.
The $5.7 billion total includes $1.6 billion in fines separately imposed by the US Federal Reserve on the five banks.
Royal Bank of Scotland and JP Morgan 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.
They believe that long-term story is intact.
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