Arab Today, arab today britain opens criminal probe into foreign exchange rigging
Last Updated : GMT 12:25:23
Arab Today, arab today
Arab Today, arab today

Britain opens criminal probe into foreign exchange rigging

Arab Today, arab today

Arab Today, arab today Britain opens criminal probe into foreign exchange rigging

Euro and US dollar
London - AFP

Britain's fraud agency on Monday said it has launched a criminal probe on Monday into allegations of price rigging in foreign exchange markets.
The investigation into "fraudulent conduct" comes after EU, British, and US and other regulators have levied huge fines on some of the world's biggest banks and investment houses for manipulating financial markets worth trillions of dollars.
"The director of the Serious Fraud Office has today opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market," it said in a statement, without giving further details.
Reports said the investigation was expected to centre on whether traders personally benefitted from manipulating foreign exchange market benchmarks.
The Serious Fraud Office had previously said that it was looking at "complex" evidence before deciding whether to launch an inquiry.
Barclays, HSBC and Royal Bank of Scotland have all confirmed that they are part of the ongoing forex market investigations.
Deutsche Bank, Swiss lender UBS and US pair Citi and JPMorgan Chase have also revealed that they are co-operating with regulators over the affair.
London is a world hub for foreign exchange trading and in June Britain's government, the Bank of England and financial regulators proposed legislation to punish any rigging of the market with criminal sanctions.
The legislation was an extension of new laws regulating the inter-bank Libor rate, which is used to calculate the price of a vast range of loans and other debt instruments worth trillions.
Some traders have been found guilty of manipulating the Libor and Britain has already threatened prison for those found guilty of rigging it.
Bank of England governor Mark Carney has said the impact of foreign exchange market abuse could be even more significant for the industry than the Libor scandal.
Speaking to a panel of British lawmakers in March, he said: "This is extremely serious... as serious as Libor, if not more so, because this goes to the heart of the integrity of markets and we have to establish the integrity of markets."
In response to the revelations of malpractice in foreign exchange markets, the BoE announced that it would appoint a new governor to focus on financial markets and banking as part of a major overhaul intended to tighten regulations and regain public confidence.
The BoE also appointed a lawyer, Lord Grabiner, to investigate whether any bank officials were involved in the rigging of forex markets between 2005 and 2013.
Carney said: "We owe it to the people of this country, to parliament, and to our employees, who have acted with integrity and a spirit of public service.
"We can't come out of this with a shadow of doubt about the integrity of the Bank of England. The institution has to be beyond reproach."

 

arabstoday
arabstoday

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 britain opens criminal probe into foreign exchange rigging Arab Today, arab today britain opens criminal probe into foreign exchange rigging

 



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 britain opens criminal probe into foreign exchange rigging Arab Today, arab today britain opens criminal probe into foreign exchange rigging

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
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