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South Korea: Antitrust watchdog widens FX rigging probe

By  |  April 7, 2016

Korea’s antitrust watchdog has launched an investigation into foreign banks on speculation over collusions on foreign exchange swap bids, sources said Thursday.

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    The Fair Trade Commission raided offices of a dozen foreign lenders, including Standard Chartered Cheil Bank Korea and Citibank Korea, and asked them to submit documentation related to bidding processes for foreign currency swap transactions in order to look into whether unfair business practices were involved.

    Korea’s antitrust watchdog has launched an investigation into foreign banks on speculation over collusions on foreign exchange swap bids, sources said Thursday.

    The Fair Trade Commission raided offices of a dozen foreign lenders, including Standard Chartered Cheil Bank Korea and Citibank Korea, and asked them to submit documentation related to bidding processes for foreign currency swap transactions in order to look into whether unfair business practices were involved.

    Full content: KoreaTimes

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