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Federal Reserve Probing Banks for Possible Forex Fixing

Federal Reserve Probing Banks for Possible Forex Fixing (Bloomberg)

The Federal Reserve is investigating whether traders at the world’s biggest banks rigged benchmark currency rates, raising the risk that any parties found guilty of wrongdoing will be penalized for lax controls. The Fed, which supervises U.S. bank holding companies, is among authorities from London to Washington probing whether traders shared information that may have led to price manipulation in the $5.3 trillion-a-day foreign-exchange market to maximize their profits, a person with direct knowledge of the matter told Bloomberg. The source asked not to be named because the matter is confidential.

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Federal Reserve Probing Banks for Possible Forex Fixing

Federal Reserve Probing Banks for Possible Forex Fixing (Bloomberg)

The Federal Reserve is investigating whether traders at the worldâ??s biggest banks rigged benchmark currency rates, raising the risk that any parties found guilty of wrongdoing will be penalized for lax controls. The Fed, which supervises U.S. bank holding companies, is among authorities from London to Washington probing whether traders shared information that may have led to price manipulation in the $5.3 trillion-a-day foreign-exchange market to maximize their profits, a person with direct knowledge of the matter told Bloomberg. The source asked not to be named because the matter is confidential.

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Written By

Paul Dykewicz is the editorial director of the Financial Publications Group at Eagle Publishing Inc., www.eaglepub.com, of Washington, D.C. Eagle publishes five free, e-letters, 10 weekly trading services and five monthly investment newsletters, Forecasts & Strategies, Successful Investing, Cash Machine, Growth & Dividend Report and The Alpha Investor Letter. He also is the editor of Eagle Daily Investor and the author of the inspirational book, "Holy Smokes! Golden Guidance from Notre Dame's Championship Chaplain."

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