The UK Serious Fraud Office announced it closed its criminal investigation into allegations of fraudulent conduct in the foreign exchange market that initially had been referred by the UK Financial Conduct Authority in July 2014. In November 2014, the Commodity Futures Trading Commission and the FCA brought enforcement actions against five financial institutions for attempted manipulation of foreign exchange benchmark rates that occurred from 2008 to 2013. Collectively, the banks paid over US $3.1 billion to resolve these complaints — US $1.4 billion to the CFTC, and GBP 1.1 billion (approximately US $1.7 billion) to the FCA. (Click here to access details of these enforcement actions in the article, “Five Banks Penalized US $3.1 Billion by CFTC and UK FCA for Attempted Manipulation of FX Benchmark Rates; OCC Fines Two of the Banks and One More an Additional US $950 Million” in the November 16, 2014 edition of Bridging the Week.)