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Multinational: Hong Kong, New Zealand latest to enter forex saga

By  |  April 1, 2014

Authorities in Hong Kong and New Zealand have become the latest to launch their own investigations into the alleged manipulation of the foreign exchange market, reports say, as the saga escalates across the globe.

The Hong Kong Monetary Authority released a statement Tuesday that it has ordered several banks to conduct internal probes of their foreign exchange operations. Similarly, New Zealand’s Commerce Commission also announced Tuesday that it has launched an “active investigation” into the matter.

Both authorities declined to name which banks were under watch.

Authorities in Switzerland, the US, UK and EU, among others, are all under way with their own investigations into the matter. So far, reports say about 30 forex traders have been suspended, fired or placed on leave following investigations.

The expansion of the investigations comes as a US class action has added Bank of America, BNP Paribas and three other banks as defendants in the case.

Full Content: Reuters and Businessweek

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