Investigation into foreign exchange rate manipulation heating up

The head of British financial regulator FCA called these allegations “every bit as bad” as the Libor scandal

Following massive penalties for manipulation of Libor, the London interbank offered rate, many of the world’s biggest banks are ready to return to normal business practices. However, another investigation is starting to heat up, this time into allegations of illegal fixing of foreign exchange rates.

According to one financial industry trade group, Britain is expected to begin its investigation into foreign exchange rate manipulation shortly following comments from its chief market regulator.  ACI, a group that includes traders and participants in foreign exchange markets, said the priority is for investigators, as well as banks and other officials, to root out wrongdoers as fast as possible.

Assistant Editor

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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