SFO could soon announce criminal investigation into FX manipulation

Pointing The Finger

U.K. prosecutors are preparing to open a criminal investigation into alleged manipulation of foreign-exchange benchmarks, a person with knowledge of the matter said.

Bloomberg News reports that the Serious Fraud Office could announce the investigation as soon as this week, the person said, asking not to be named because the move isn’t public.

'We are receiving and examining complex data on this topic', the SFO said in an e-mailed statement. 'If and when we open a criminal investigation, that decision will be announced'.

Authorities around the world have been investigating whether traders rigged the $5.3tril-a-day currency market after the U.K. Financial Conduct Authority said it was looking into the matter in June 2013. Regulators and prosecutors are scrutinizing allegations that dealers at the world’s biggest banks traded ahead of their clients and colluded to rig the WM/Reuters rate, a benchmark that pension funds and money managers use to determine what they pay for foreign currencies.

No firms or individuals have been accused of wrongdoing.

To access the complete Bloomberg News article hit the link below:

U.K. SFO Said Close to Opening FX-Rigging Investigation

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