UBS is to settle misconduct allegations over its precious metals trading operation, amid a scheduled agreement between US and UK authorities, and seven banks, over claims of foreign exchange market rigging, a report said.

UBS is to settle misconduct allegations concerning its precious metals trading operation, amid a scheduled agreement between UK and US authorities and seven banks over accusations of foreign exchange market rigging, the Financial Times reported.

UBS declined to comment to this publication when contacted yesterday.

The Swiss bank is among a number of banks including Barclays, Citigroup, HSBC, JP Morgan, and Royal Bank of Scotland that are due to announce an agreement of at least £1.5 billion ($2.38 billion) on Wednesday to settle foreign exchange manipulation allegations with the UK financial regulatory authorities, the FT report said.

Several banks, such as HSBC, have already stated the amount of money they have set aside to provide for a possible settlement.

The news report said several US authorities are also expected to be part of the settlement. Switzerland’s FINMA may also be involved.

The report said that UBS is expected to strike a settlement over alleged trader misbehaviour at its precious metals desks with at least one authority as part of a group deal over forex with multiple regulators this week. The newspaper cited two unnamed sources.