Global financial regulators including the UK Financial Conduct Authority (FCA), the Commodity Futures Trading Commission (CFTC), and Finma in Switzerland, imposed fines totally $34 billion on five major banks (namely UBS, Royal Bank of Scotland, JP Morgan, Citigroup and HSBC). The largest penalties were imposed on UBS which paid fines totalling $661 million to the FCA and CFTC and CHF134 million to Finma.