Britain's Financial Conduct Authority (FCA) and
U.S. regulators are investigating allegations that dealers at
major banks colluded and manipulated key reference rates in the
$5.3 trillion-a-day foreign currency market, the world's biggest
and least regulated.
Investigators from the U.S. Justice Department and Federal
Bureau of Investigation (FBI) are preparing to seek criminal
charges against individual traders as early as next month, the
Journal reported. (http://on.wsj.com/1qPzF5W)
The Journal report said it isn't clear which banks had secret
informants cooperating with the government investigation.
Ethical standards in the foreign exchange market have been put
under a harsh spotlight since investigators in the United
States, Europe and Asia started examining whether small groups
of traders colluded to rig prices by sharing information about
their clients' orders.
The global inquiry has not yet concluded but the review has
shaken the industry, with dozens of top dealers put on leave or
fired and banks under pressure to sharpen up oversight of their
The FBI and U.S. Justice Department were not immediately
available for comment outside regular U.S. business hours.
(Reporting by Arnab Sen in Bangalore; Editing by Gopakumar
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