The Bank of
The investigation will examine claims that Bank officials told senior currency traders in a meeting last year that it was permissible for traders in different banks to share information about clients' positions before the setting of a benchmark rate in the foreign exchange market.
Allegations of currency fixing are the subject of global regulatory inquiries that could have wider repercussions than the
He said: "The governors of the Bank have taken the claims about the meeting with the Bank's officials extremely seriously since we first heard about these allegations. Just so you know, we first heard about them in October. The governors immediately initiated a full review into it, led by the Bank of
Bailey, who is in charge of supervising financial firms, said the Bank had found no evidence that officials had endorsed sharing of information, but added: "We do not regard that review as over."
Bailey said the Bank's inquiry had not yet seen the anonymous trader's notes from the meeting.
Bailey agreed with committee member
The benchmark in question is used to price a range of products and is the subject of regulators' attention after allegations that traders at rival banks were sharing information about their orders from clients to manipulate the price.
A record of the April meeting released by the Bank shows it was chaired by
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Koch Brothers Step up Anti-Obamacare Campaign
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Quiznos Files for Chapter 11
- U.S. to Relinquish Gov't Control Over Internet
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Vybz Kartel Convicted of Murder
- FDIC Sues Big Banks Over Rate Manipulation
- U.S. Consumer Sentiment Falls in Early March