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Criminal probe in to UK forex rate fix

Monday, July 21 15:53:35

Britain's anti-fraud agency said today it has launched a criminal investigation into alleged rigging of the $5.3 trillion-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.

Around 15 authorities around the world are investigating allegations of collusion and price manipulation in the largely unregulated foreign exchange market.

It is alleged that traders used online chatrooms to collude in the fixing of benchmark prices, which are used as reference rates for trillions of dollars of investment and trade globally.

For more visit: www.businessworld.ie