21 JUL 2014
Britain’s anti-fraud agency has launched a criminal investigation into alleged rigging of the $5.3 trillion (3.1 trillion pounds)-a-day currency market.
“The director of the Serious Fraud Office has today opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market,” the agency said in a statement.
It is alleged that traders used online chat-rooms to collude in the fixing of benchmark prices.
Scrutiny is focused on activity around London’s 4 p.m. currency fix, a 60-second window where key exchange rates are set. These prices are used as reference rates for trillions of dollars of investment and trade globally.