22nd Oct 2013 06:50
LONDON (Alliance News) - The US Commodity Futures Trading Commission has asked major currency dealing banks, including Deutsche Bank AG and Citigroup Inc. to research their records for possible currency market manipulation and turn in any evidence of wrongdoing, the Wall Street Journal newspaper reported Tuesday citing people familiar with the matter.
The reported request by US regulators follows the launch of similar investigations in the UK and Switzerland. Last Wednesday, the UK Financial Regulation Authority confirmed it is working with other national authorities in an investigation of a number of firms relating to trading on the foreign exchange market.
Royal Bank of Scotland Group PLC, which is 81% owned by the UK government, is one of the firms under investigation, the bank confirmed.
On October 4, FINMA, the Swiss Financial Market Supervisory Authority, said it was investigating a number of Swiss financial institutions over possible manipulation of foreign exchange rates.
FINMA did not specify which banks are involved but added that, "multiple banks around the world are potentially implicated."
By Tom Waite; [email protected]; @thomaslwaite
Copyright 2013 Alliance News Limited. All Rights Reserved.
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