The Financial Conduct Authority (FCA) is probing the potential manipulation of currency markets, following revelations a number of traders at leading banks have rigged exchange rates.
Several investors are understood to have blown the whistle on the practice of manipulating FX markets, according to a Bloomberg report, which saw dealers push through trades in 60 second windows when benchmarks for rates were set. This front-running allegedly allowed them to jump ahead of client orders and get themselves the best price, impacting key rates used by the pensions and investment industries, Bloomberg reports. Currency markets are considered high risk places to invest because of a lack of regulation. While there are a range of players in the FX markets, four banks domin...
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