CFTC's Paltry Budget Spurs Quick End To Forex Probe

By Ed Beeson (November 12, 2014, 7:30 PM EST) -- The budget crunch at the U.S. Commodity Futures Trading Commission helped force the agency's hand in reaching settlements with banks over the attempted manipulation of foreign currency exchange rates, but experts say it's far from clear what the regulator gave up to quickly close the cases.

On the surface, the agency scored a big victory on Wednesday. In the first enforcement actions in a high-profile, global probe, the CFTC was able to extract a combined $1.4 billion in penalties from five banks — UBS AG, JPMorgan Chase Bank NA, Royal Bank of Scotland PLC, HSBC Bank PLC and Citibank NA — as...

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