Forex Fixing Could Be As Bad As Libor: FCA

Financial Conduct Authority (FCA) chief Martin Wheatley said misconduct allegations surrounding forex trading could be as bad as Libor.

The FCA chief said it was investigating a range of benchmark rates operating in London.

FCA’s probe

As reported earlier, FCA was considering opening a probe into the potential manipulation of forex rates. The currency market with $4.7-trillion-a-day is the biggest in the financial system, though it is one of the least regulated.

Apart from UK’s FCA, European Union’s antitrust regulators too are examining the possible manipulation of...