What is this massive banking settlement all about?

Four giants of global banking agreed on Wednesday to pay more than $5 billion in fines to regulators and plead guilty to manipulating the global currency market.

Which banks are involved?

Traders at four banks - JPMorgan Chase, Citigroup, Barclays and the Royal Bank of Scotland - conspired to fix rates on US dollars and euros at the expense of clients from 2007 to 2013. Another bank, Switzerland's UBS, agreed to plead guilty to manipulating key interest rates and will pay a separate criminal penalty. Meanwhile, Bank of America included with the other five in fines levied by the US Federal Reserve in the forex rigging case.