The US Justice Department is believed to be scrutinizing currency trader FXAII for possible antitrust violations. The trader is a joint venture of several banks, including Citigroup, JP Morgan Chase, Goldman Sachs and CSFB.
The Wall Street Journal has said that the investigation will look into evidence of collusion and possibly restricting competition in the marketplace. The Department of Justice will decide whether the online trader has been guilty of price-fixing.
An FXAII spokesman confirmed that the venture was in compliance with the law and said that the company would cooperate fully with federal investigators.
Regulators Probe Currency Trading
CNN reports that the US federal government is investigating the practices of a currency trading business backed by some of the biggest banks on Wall Street.
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