Rigging the Currency

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.

http://uk.reuters.com/article/2014/07/21/uk-fx-investigation-britain-idUKKBN0FQ19M20140721

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s