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EU: Commission remains at early stages of forex probe

 |  September 8, 2014

While competition authorities in the US and UK are making headway in their investigations into alleged foreign exchange market manipulation, reports say the European Commission is far from concluding its probe.

”We are at the starting point of this investigation,” European Commissioner Joaquin Almunia said in an interview over the weekend, adding that the case is “very important.”

Unnamed sources told reporters last month that the US and UK will likely issue fines regarding forex manipulation as early as November. But the EU’s investigation in the matter will likely take significantly longer because the Commission will need to prove that the companies colluded to manipulate the market.

Full content: Businessweek

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