New York officials are readying an investigation into Barclays and Deutsche Bank on suspicion they used an algorithm to manipulate the foreign exchange benchmark, according to an unnamed source.
Reports say the allegations suggest a calculated, methodical process of forex rate-rigging.
According to the source, the New York Department of Financial Services is probing the use of certain algorithms by both banks, though reports say the case does not necessarily mean there is a link between Barclays’ and Deutsche Bank’s business practices.
According to reports, DFS Superintendent Benjamin Lawsky has ordered Deutsche Bank to attain a third-party monitor; one is already in place at Barclays.
The two lenders were not among the six banks that had reached settlement agreements with authorities in the US, UK and Switzerland last month. Combined, those banks paid $4.3 million in fines.
Full content: Businessweek
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
ConocoPhillips Acquires Marathon Oil for $22.5 Billion in Major Energy Sector Consolidation
May 29, 2024 by
CPI
Judge Denies Amazon’s Bid to Dismiss FTC Lawsuit Over Prime Membership Practices
May 29, 2024 by
CPI
Germany and France Advocate for Major EU Competition Reform
May 29, 2024 by
CPI
Equifax Accused of Monopolizing Employment Verification Market in New Suit
May 29, 2024 by
CPI
Car Battery Makers to Challenge EU Cartel Charges in Brussels
May 29, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Merger Guidelines Retrospective
May 21, 2024 by
CPI
Mergers of Complements
May 21, 2024 by
CPI
Personality Traits, Private Equity, and Merger Analysis
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Lessons in the Importance of Incipiency, Modern Economics, and Monopsony
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Sharpening Merger Analysis
May 21, 2024 by
CPI