Ten Banks in FX Trading Probe Have Handed Evidence to FCA!

• Ten Banks in FX Trading Probe Have Handed Evidence to FCA! 
  by Ben Moshinsky, http://www.bloomberg.com/
  Ten banks turned over evidence to the U.K. Financial Conduct Authority as part of an investigation into the manipulation of foreign-exchange benchmarks, its chief executive officer told lawmakers.
  –
  The allegations are “as bad as Libor,” FCA CEO Martin Wheatley said in London today, referring to the global probe into rigging of the London interbank offered rate. Those investigations have resulted in global fines of about $6 billion and led to reviews of other benchmarks, including currency rates.
  –
  The regulator is investigating “a number of benchmarks that operate in London,” Wheatley said.  The foreign-exchange probe is unlikely to be concluded this year, he said, without identifying any banks under investigation.
  –
  The regulator said in October it was opening a formal probe into currency-rate trading, joining regulators in the U.S. and Switzerland in reviewing the $5.3 trillion-a-day market. The world’s seven biggest foreign-exchange dealers have now all taken action against their employees, with at least 17 traders suspended, put on leave or fired.
  –
  read more!

end