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Multinational: Emerging details of forex probes reveal new targets

 |  October 18, 2013

Reports say authorities involved in probing allegations of manipulation of the foreign exchange market are zeroing in on targets including Barclays, Citigroup and Royal Bank of Scotland.

An instant messaging group between the traders at the named banks is being scrutinized by regulators, according to four sources. The messages were exchanged over a period of three years through Bloomberg terminals.

Reports say the dealers at the banks made trades before forex benchmarks were established, according to the sources.

Over the three years, other banks became involved, including UBS. The information was received by reporters from traders not involved in the alleged scheme.

Now, authorities are looking into whether those instant messages amount to illegal manipulation of the market, the sources said.

Full content: Bloomberg

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