Federal Reserve Probing Banks for Possible Forex Fixing

Paul Dykewicz

Federal Reserve Building

Federal Reserve Probing Banks for Possible Forex Fixing (Bloomberg)

The Federal Reserve is investigating whether traders at the world’s biggest banks rigged benchmark currency rates, raising the risk that any parties found guilty of wrongdoing will be penalized for lax controls. The Fed, which supervises U.S. bank holding companies, is among authorities from London to Washington probing whether traders shared information that may have led to price manipulation in the $5.3 trillion-a-day foreign-exchange market to maximize their profits, a person with direct knowledge of the matter told Bloomberg. The source asked not to be named because the matter is confidential.

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