U.S. regulators plan to join their UK peers in a multi-billion-dollar settlement with a group of the biggest global banks accused of manipulating the foreign exchange market, sources familiar with the matter said, adding the deal could come as early as next week.
Only months into an overhaul of financial benchmarks at the center of market manipulation allegations, traders and investors have raised concerns over whether new rules will work and big banks will have too much influence.
Traders and shipping companies scrambled to source fuel and take over supply contracts on Friday after Danish marine fuel supplier OW Bunker said a suspected fraud at its Singapore subsidiary had pushed it to the brink of bankruptcy.
China and Japan agreed on Friday to work on improving ties and signaled willingness to put a bitter row over disputed islands on the back burner, paving the way for their leaders to meet at an Asian-Pacific summit next week.
