US criminal prosecutors head to Britain to investigate FX rate rigging allegations on foreign soil LeapRate

April 28, 2014 BY Andrew Saks-McLeod

US criminal prosecutors head to Britain to investigate FX rate rigging allegations on foreign soil

US criminal prosecutors have arrived in London to interview individuals away from domestic territory as government investment in the rate fixing case extends overseas The United States criminal justice system is well renowned for ensuring that potential wrongdoings are put right, even if the alleged perpetrators are overseas. Yesterday, forming the most recent development in…

April 03, 2014 BY Andrew Saks-McLeod

UBS to avoid all penalties in FX rigging investigation?

European financial regulators may consider the global FX giant fully immune from any penalties whatsoever as a result of assistance with inquries into the FX rigging probe The days when traditional banking practices in which customers paid for the service that they received on a per-transaction basis are a distant memory to most European corporate…

March 06, 2014 BY Gerald Segal

Bank of England has dirt on its hands – forex manipulation related

The central bank suspended an official - concerns about FX fixing manipulation were first raised in 2005 Reuters is reporting that the latest suspension related to the foreign exchange fixing manipulation is not coming from the usual big forex dealing banking desk, but from the Bank of England. According to recent reports some staff members…

January 21, 2014 BY Gerald Segal

German regulatory watchdog puts 4pm fix investigation as top priority

Foreign exchange fixing revamp is imminent as regulators contemplate big changes Sources familiar with the recently launched investigation by German regulatory watchdog BaFin are claiming that the investigation has been put on the top priority list and Deutsche Bank’s London offices will be visited by an investigating team. Transparency in major banks’ business practices has…

January 16, 2014 BY Gerald Segal

BOE met with senior currency dealers 18 months before FX fixing investigation

Bank of England officials could have known about practices surrounding the 4 pm London fix The 4pm London FX fixing scandal is taking a new direction from a document that UK’s central bank released yesterday responding to a Freedom of Information Request made by Reuters. Bank of England officials have met with senior FX dealers…

January 15, 2014 BY Gerald Segal

Integral and Stanford University launch second-by-second FX benchmark

The access to the resource is free and it can be used by brokers and clients to settle transaction disputes Californian forex technology company Integral Development has now officially launched its earlier unveiled product aiming to bring more transparency to the forex market. While we haven’t tried the service yet, it can be a very…

December 11, 2013 BY Gerald Segal

Integral to launch a second-by-second FX Benchmark

Aiming for transparency, the Benchmark will be free and is developed in tandem with Stanford University researchers Californian company Integral Development corp. has announced the launch of Integral FX Benchmark – the solution to the worries of regulators and in recent light, jokingly, the cure against currency rates manipulators. Integral FX Benchmark (FXB) is a…

November 21, 2013 BY Gerald Segal

Were senior bank FX execs sharing information with day traders?

As 4pm fix investigation continues, industry calls increase to change the way FX benchmarks are set In yet another twist, yesterday’s Bloomberg piece titled “FX Dealers Said to Use Day Traders to Make Personal Bets” is shedding some light on the FX manipulation practices surrounding the 4 pm fix saga. The trio of authors have…

November 19, 2013 BY Gerald Segal

4 pm fix investigation – another lawsuit

Regulators turn their attention to traders' personal accounts Another week goes on and more troubling events for the big banks are reported by the media. While regulatory investigations of FX fix manipulations are ongoing, the USA Today reported yesterday that South Korean semiconductor company Simmtech has filed a class action lawsuit against seven major banks.…

November 05, 2013 BY Gerald Segal

Big banks may face a flood of lawsuits for 4 pm FX fix manipulation

After reporting its Q3 interim management statement, HSBC joins the ranks of alleged FX manipulators. In a fresh batch of events, it seems that major bank troubles related to the 4pm fix manipulation investigation are just about to start. As we have reported during the past couple of weeks, major banks around the globe are being investigated…

Tag: FX rate fixings