City watchdog investigating foreign exchange market manipulation

16th October 2013

The foreign exchange market is under investigation the City regulator, the Financial Conduct Authority, it has confirmed in a statement this week. The regulator is not giving much away but a FCA spokesman said: “We can confirm that we are conducting investigations alongside a number of other agencies both in the UK and abroad into a number of firms relating to trading on the foreign exchange (forex) market. As part of this we are gathering information from a wide range of sources including market participants. Our investigations are at an early stage and it will be some time before we conclude whether there has been any misconduct which will lead to enforcement action. We will not comment further on our investigations.” Bloomberg News reported in June that traders at some banks may have pooled information about their positions through instant messages and used client orders to move benchmark currency rates to their benefit.

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