Arab Today, arab today britain opens criminal probe into foreign exchange rigging
Last Updated : GMT 21:10:43
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

Woman holds Euro and US dollar notes
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."
- Bank officials involved? -
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, Anthony 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."
Finance professor Mark Taylor, a former foreign exchange trader and BoE senior economist, said that finding evidence of cheating would be difficult but was essential to ensure pension and insurance funds were protected.
"The chat rooms used by traders could be the key for investigators."
"Our pension funds invest billions of pounds in the financial markets and if they are being cheated in this way it affects every one of us."
Taylor added his voice to many in the industry who have called for the time window in which benchmarks are set - currently by averaging trades made within one minute - to one hour instead, making the rate harder to manipulate.

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 Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
View News in Arabic - Business: قضايا ساخنة
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 Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
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 Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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