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South Korea: Rate manipulation probe under way

 |  September 16, 2013

Sources told reporters that competition regulators are collecting information from a financial industry firm regarding benchmark rates as part of a more than year-long probe.

Two sources told media that an office of the Korea Financial Investment Association was searched September 13 by the Fair Trade Commission; the data collection reportedly focused on certificate of deposit rates.

The nation launched a new benchmark rate for bank lending last December after the FTC launched its investigation into allegations of benchmark manipulation.

Full Content: Bloomberg

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