Global: Forex manipulation woes spread

The rapidly spreading focus on the globe’s foreign exchange market reached new levels Wednesday as more regulators announced probes into allegations of manipulation of the $5 trillion-a-day market.

The Hong Kong Monetary Authority announced Wednesday that following conversations with foreign regulators regarding the case, the body is now speaking with banks about the allegations. In a statement, the Monetary Authority said is aware of the claims and confirmed “communications with the relevant overseas regulators.”

The news from Hong Kong marks the first confirmation that an Asian regulator is involved in the probes.

It also comes as the UK’s Financial Conduct Authority announced the launch of a formal investigation into the matter. In an emailed statement released Wednesday, the FCA said it is “gathering information from a wide range of sources including market participants.”

The financial regulator said it was in its early stages of the probe, however.

Authorities in the US and Switzerland have also launched their own investigations.

Full content: Reuters and Bloomberg

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.