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UK: Bank of England acts on claims it OK’d forex rigging

By  |  February 11, 2014

The Bank of England denied reports released earlier this week that the lender condoned behavior that lead to manipulation of the foreign exchange rate, reports say, but vowed to investigate the claims.

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    Following reports by Bloomberg that sources alleged the bank of have okayed the behavior during a meeting by allowing traders to share impending customer orders with traders at other banks, the bank said it takes the claims “very seriously,” but denied the allegations.

    ”The Bank of England does not condone any form of market manipulation in any form whatsoever,” the bank’s Prudential Regulation Authority CEO, Andrew Bailey, said Tuesday.

    Lawyers, both within and independent of the Bank of England, are now reviewing the claims.

    The US Department of Justice, Federal Reserve, the UK Financial Conduct Authority, the European Commission and the Swiss Competition Commission are all reportedly probing allegations of foreign exchange market manipulation.

    Full Content: Swiss Info

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