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FCA confirms FX manipulation investigation
16 October 2013
Follows recent speculation over foreign exchange trading
The Financial Conduct Authority (FCA) has confirmed it is investigating a number of firms in relation to their trading in the foreign exchange (FX) market.
The regulator made the statement following recent speculation over FX trading.
An FCA spokesman said: “We can confirm that we are conducting investigations alongside a number of other agencies both in the UK and abroad into a number of firms relating to trading on the foreign exchange (forex) market.
“As part of this we are gathering information from a wide range of sources including market participants. Our investigations are at an early stage and it will be some time before we conclude whether there has been any misconduct which will lead to enforcement action.
He added that the FCA would not comment further on its investigations.
It was reported that America’s Department of Justice and Federal Bureau of Investigation have also launched an investigation into whether banks have attempted to manipulate the currency markets.
Switzerland’s Financial Market Supervisory Authority (Finma) also recently revealed it is investigating “several Swiss financial institutions” in connection with possible manipulation of these markets.