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EU: Forex probe slow but steady, says Commission

By  |  June 5, 2014

The European Commission continues to trudge through information regarding allegations of manipulation of the foreign exchange market, the regulator said Thursday, but warned the public not to expect an outcome for another several weeks.

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    Reports say a senior EU official told reporters that the regulator is analyzing information regarding alleged forex-rigging in addition to a separate case of claims of Swiss benchmark rate manipulation. European Commissioner Joaquin Almunia first announced late last year that authorities are reviewing the allegations on both accounts. He updated reporters on the status of those investigations on Thursday, noting that he is still working the case but it is not likely to find a resolution anytime soon.

    ”There is a lot of information and we are digging into the information and analyzing it and discussing it,” the EU competition chief said.

    Claims of foreign exchange market rigging have prompted regulators in various jurisdictions across the globe to investigate the matter, including in Germany.

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