Libor and forex scandals: Banks admit they are “puzzled” over how to stop rate fixing September 9, 2014 Banks and regulators have still not found a way to be sure of stopping traders from manipulating Libor, foreign exchange and other benchmarks, top watchdog Martin Wheatley said yesterday. More than two years on from the first bank fine over attempted Libor fiddling, the new setup for benchmark regulation is yet to be finalised. “I [...]
Barclays and Deutsche Bank offices could be monitored in forex market fixing probe July 30, 2014 Regulators want to place government monitors in the offices of Barclays and Deutsche Bank in the US as part of an investigation into alleged currency price fixing on the forex market. The New York Department of Financial Services wants to monitor the current and historical operations of the banks, the Wall Street Journal reports. The [...]
Serious Fraud Office set to launch probe into forex trading in the UK July 20, 2014 The Serious Fraud Office (SFO) is preparing to launch a criminal investigation into manipulation of the foreign exchange market (forex) in the UK, the FT reports. The news comes following several months of intelligence gathering by the SFO, and although it would not confirm or deny the existence of the investigation, it is thought [...]
UBS suspends six more traders as forex fixing probe deepens March 28, 2014 SWISS bank UBS has suspended another six of its traders across the world, it emerged yesterday, as it investigates allegations of misbehaviour in the foreign exchange markets. The staff work in Singapore, Switzerland and the US, according to Bloomberg News. Around 25 staff in investment banks around the world have been suspended or fired by [...]
Lord Grabiner is called in to lead Bank forex probe March 12, 2014 LORD Grabiner was hired yesterday to head the investigation into the foreign exchange scandal at the Bank of England. The heavyweight’s appointment is intended to indicate how seriously the Bank takes allegations that its staff knew about manipulation or even encouraged such behaviour. Grabiner will lead the probe, supported by law firm Travers Smith LLP which [...]
Bank of England appoints Lord Grabiner QC to lead forex probe March 12, 2014 The UK's central bank has appointed Lord Grabiner QC, the man who oversaw News Corp's internal hacking investigation, to lead an investigation into "conduct issues in the foreign exchange market." Grabiner is a commercial lawyer, with over 40 years of experience working on commercial litigation cases in London. The investigation, which is supported by Travers [...]
Bank of England plans shake-up to tackle forex probe March 11, 2014 GOVERNOR Mark Carney vowed to restore the Bank of England’s credibility and repair financial markets yesterday, hiring a new deputy governor to investigate foreign exchange market manipulation claims. Carney promised to “ruthlessly, relentlessly follow through with the investigation” into claims a Bank of England staff member had encouraged or turned a blind eye to traders’ attempts [...]
Forex broker FXCM UK slapped with £4m FCA fine February 26, 2014 The Financial Conduct Authority (FCA) has fined Forex Capital Markets and FXCM Securities (FXCM UK) £4m for allowing the US-based FXCM group to withhold profits of around £6m, which should have gone to UK clients. FXCM UK also failed to tell the regulator that US authorities were probing another part of the group for the [...]
Forex rate-rigging scandal 2015 probe: Foreign exchange crisis engulfs London February 5, 2014 City foreign exchange desks were thrown into turmoil yesterday as top traders at Goldman Sachs and Citi resigned, while Deutsche Bank fired three New York traders. Banks are being lent on hard by regulators over alleged FX benchmark manipulation, adding to chaos in the sector. The New York Department for Financial Services (DFS) has become [...]