In August, nine banks, which include RBS, HSBC, Goldman Sachs and Barclays, paid out a reported $2bn to settle claims brought against them in New York. Even though NY has seen the first large settlements, London will probably see the biggest pay-outs occur.

So why London?

London forex market is the largest currency exchange market in the world. It accounts for almost 41% of the daily worldwide market in foreign exchange (US accounts for 18.9%). The banks which have been fined are responsible for almost 48% of the global forex market, meaning that almost every other customers in the forex market is likely to have been affected.

Source (Advisen)