Freshfields Bruckhaus Deringer is advising Deutsche Bank in ongoing investigations into the bank's alleged role in attempting to fix the foreign exchange markets, it has emerged.

Frankfurt-headquartered Deutsche Bank is being investigated as regulators in Europe and the US continue to probe the manipulation of the foreign exchange market, which has an estimated daily average turnover of $5.3trn (£3.4trn).

The UK's Financial Conduct Authority (FCA), which this week issued penalties totalling £1.1bn to several banks, is reportedly not planning to fine Deutsche Bank.

Fellow magic circle firms Slaughter and May, Linklaters, Clifford Chance (CC) and Allen & Overy (A&O) were drafted in to advise several banks hit by record fines by the FCA as well as regulators in the US and Switzerland earlier this week.

Slaughters acted for JPMorgan Chase, which racked up a fine of around $1bn (£634.6m).

Citibank, which faced a similar penalty, turned to A&O for advice, with Cleary Gottlieb Steen & Hamilton acting for the lender in the US. Linklaters acted for RBS on FCA-related matters.

Gibson Dunn & Crutcher acted for Swiss bank UBS globally on the investigation.

Meanwhile CC is advising Barclays, which is still being investigated by the FCA and did not reach a settlement this week.

The settlements come after a 13-month investigation by the FCA, which found that between January 2008 and October 2013 the banks did not exercise effective control over their "G10 spot" trading businesses, resulting in traders pursuing their own banks' interests "without proper regard of [those of] their clients, other market participants or the wider UK financial system".

The FCA said that by failing to manage risks concerning confidentiality, conflicts of interest and trading conduct, traders were able to share information about confidential clients' activities and collude with traders at other firms to manipulate FX currency rates.