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 The Frankfurter Allgemeine Zeitung reported on its website that a
senior Deutsche currency trader attended meetings with officials
from Bank of England eight years ago where currency trading
irregularities were discussed.
Details of those meetings were first brought to light on Wednesday
in a Reuters report.
The so-called currency fixings that are at the center of a global
investigation into allegations of manipulation by traders are used
to price trillions of dollars worth of investments and deals and
relied upon by companies, investors and central banks.
Regulators have said the alleged foreign exchange manipulation is as
bad as the Libor interest rate rigging, which has resulted in banks
shelling out $6 billion in fines and settlements and criminal cases
against some individuals.
Deutsche Bank, however, said that its representative did not attend
the BOE meeting in July, 2006, of the Chief Dealers' Subgroup of the
Foreign Exchange Joint Standing Committee where irregularities were
discussed.
Deutsche Bank, Germany's flagship bank, is a member of the committee
but did not attend the meeting, the bank said.
Deutsche Bank, the world's largest currency trader, also said that
its own behavior in the currency markets was never a topic at the
meetings.
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"The facts are that no allegations of manipulation or wrongdoing
were raised against us at the Bank of England meeting in July 2006.
Further, Deutsche Bank was not even present at the referenced
meeting," the bank said in a statement.
"The minutes of the meeting do not address the behavior of
Deutsche Bank nor any of the banks executing orders at the fix on
behalf of clients," Deutsche said.
Deutsche said it was pursuing its own internal review of currency
market dealings and was cooperating with regulatory authorities in
their investigations.
(Reporting by Thomas Atkins)
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