Regulators in the UK and US have fined banks more than £2 billion over the foreign exchange (Forex) rigging scandal.
The Financial Conduct Authority said it was imposing the fines for "failing to control business practices in their G10 spot foreign exchange".
The Financial Conduct Authority said traders at different banks formed tight-knit groups to share information about client activity, including using code names to identify clients without naming them.
Names given to these groups included "the players", "the 3 musketeers", "1 team, 1 dream", "a co-operative" and "the A-team". Traders shared the information obtained through these groups to help them work out their trading strategies.
Some of the key points in the Forex rigging scandal.
Regulators in the UK and US have fined banks more than £2 billion over the foreign exchange (Forex) rigging scandal.