Additional Regulator to Investigate FX Benchmark Rates

Today saw the addition of a 12th regulator investigating the allegations of banks colluding in the manipulation of the WM Reuters fix.  The New York State Department of Financial Services regulates banks in NYS including the US operations of many non-US banks.
Bloomberg Article

The increasing stream of suspensions and firings of senior traders at many banks as part of internal investigations, makes it appear increasingly likely that the investigations will find misconduct on the part of at least some of the major banks.

In the event of such a finding the banks will be facing large fines ($6 billion in the LIBOR rigging), additional regulation, the loss of profits from the misconduct, and additional pressure from customers to reduce spreads after the bad publicity.  Benefits for the banks may include trades moving away from fix prices that provide the banks with no spread income as well as, in the long run, greater trust from customers due to a different type of fix / fix trades and the additional regulation.