News Column

Banking SFO joins in currency market investigations

June 6, 2014

The Serious Fraud Office is examining information related to a global investigation into the possible manipulation of currency markets, although it has yet to open a criminal investigation.

"The SFO is receiving and examining complex data on this topic," its head, David Green, said yesterday.

Authorities worldwide are investigating allegations of manipulation in the $5tn a day foreign exchange market.

The UK watchdog the Financial Conduct Authority began its own inquiry into currency markets last year.

Globally, about 35 people in the currency markets have been suspended, placed on leave or fired by financial institutions, which are also investigating allegations of wrongdoing internally.

None have yet been charged with any wrongdoing.

The investigations, which are being run in parallel with an inquiry into alleged fixing of benchmark interest rates, show banks are still struggling to control some trader behaviour despite tighter regulatory scrutiny following the 2008-2009 financial crisis.

Authorities in the US, Britain, Switzerland, Germany and Singapore are examining whether traders from different banks worked together to influence currency prices. Reuters

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Source: Guardian (UK)

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