SETTLEMENT RALLY: Shares in Standard Chartered PLC rallied on news that it had agreed to pay $340 million to a New York regulator to settle accusations that it hid illegal transactions with Iran and violated U.S. sanctions law.

GROUND RECOVERED: Shares in Standard Chartered closed 4.4 percent higher in London trading. Its stock had fallen by nearly 12 percent since the charges were announced last week.

MORE PROBES: Standard Chartered's dealings with Iran are still being investigated by the U.S. Department of Justice, the Treasury and the Federal Reserve.