Banks set aside up to $7 billion as UK currency settlement looms

Major banks have set aside almost $7 billion for potential settlements with regulators investigating allegations of collusion and manipulation in foreign exchange markets, the first of which could come in the Britain later this month. Europe's largest bank HSBC (HSBA.L) on Monday was the latest bank to make provisions in its most recent earnings report, putting aside $378 million specifically for a potential settlement with Britain's Financial Conduct Authority (FCA). HSBC is the last of six banks in talks with the FCA over a group FX settlement to report their results. The other five also set aside substantial sums for litigation provisions.

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