Criminal Charges Expected In UK FX Manipulation Case
British authorities are expected to begin criminal investigations into alleged rigging of global currency markets, according to a Reuters report. Investigations into charges that senior dealers at large banks colluded to rig currency markets are now “well-advanced” in “several jurisdictions” including the United States and Switzerland, the report noted. According to Martin Wheatley, head of Britain’s financial regulator FCA, charges could be “every bit as bad” as the Libor interest rate-fixing scandal which cost banks $6 billion in fines. The FCA investigation is expected to run parallel with a criminal investigation and could run into 2015. Regulators in the United...
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