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UK: New forex-rigging probe ready for launch

By  |  July 20, 2014

The UK’s Serious Fraud Office is reportedly ready to launch an investigation into allegations of manipulation of the foreign exchange market, according to an unnamed source.

The SFO may announce the probe this week, the source added.

In a statement responding to the reports, the SFO said it is “receiving and examining complex data on this topic.”

”If and when we open a criminal investigation, that decision will be announced.”

The SFO would be the latest regulator across the globe to launch an investigation into allegations of manipulation of the forex currency market. Allegations claim financial traders have been trading on the forex market ahead of their clients and colluding to rig the market benchmark. The UK’s Financial Conduct Authority said in June of 2013 that it was looking into the matter, and the US Department of Justice said it is eyeing a possible criminal probe regarding the matter.

Full content: Bloomberg

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