Arab Today, arab today south korea probes forex market rigging by global banks
Last Updated : GMT 15:29:21
Arab Today, arab today
Arab Today, arab today

South Korea probes forex market rigging by global banks

Arab Today, arab today

Arab Today, arab today South Korea probes forex market rigging by global banks

The Fair Trade Commission
Seoul - AFP

South Korea's anti-trust watchdog said Wednesday it has opened an investigation to see whether alleged foreign-exchange market rigging by six global banks fined in a US and Europe forex probe hurt local firms.

Fair Trade Commission head Jeong Jae-Chan told a parliamentary hearing that JP Morgan and five other international lenders have been under investigation.

"We are closely looking into how (their) foreign currency price fixing has affected local businesses," he said.

He provided no further details but South Korean newspapers said the six banks under investigation included Barclays, Bank of America, Citigroup, JP Morgan Chase, Royal Bank of Scotland and UBS.

The commission is probing whether manipulation of the price of US dollars and euros, and of derivatives markets, damaged South Korean financial institutions and firms, the Seoul Economic Daily reported.

Last month US and British regulators fined six major banks -- Barclays, JPMorgan Chase, Citicorp, Royal Bank of Scotland, UBS and Bank of America -- a total of nearly $6 billion between them for rigging foreign exchange market and Libor interest rates.

Also in May South Africa's competition watchdog opened an investigation into foreign currency price fixing by Citigroup, Barclays, and other banks.

Investigators have accused the banks of creating "The Cartel" and of using an online chat room to work with each other to set rates and sidetrack any competition.

There has been speculation that foreign exchange market rigging impacted local euro and dollar trade as well as various derivatives, resulting in losses for South Korean firms and financial institutions, Yonhap news agency said.

It quoted market watchers as saying that domestic firms, which applied for "knock-in, knock-out" options, may have lost money because rigging caused exchange rates to fluctuate beyond pre-set barriers.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today south korea probes forex market rigging by global banks Arab Today, arab today south korea probes forex market rigging by global banks

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday