The Financial Conduct Authority (FCA) has joined the Swiss regulator, FINMA, in investigating allegations of collusion between traders.
Recent media reports suggest they used instant messaging services to work together to fix exchange rates.
The minutes show that a senior member of the Bank of England's staff was told of "attempts to move the market" at a meeting with senior foreign exchange dealers from some of the world's largest banks.
However, Paul Fisher, the Bank's executive director of markets who was head of its
foreign exchange division until 2009, told MPs the minutes referred to traders' complaints over difficult markets, not rigging. n"This is about traders whingeing about how difficult their life is and no one is going to have much sympathy for that," he said.
'Worth millions' Citigroup issued a statement saying: "Government agencies in the US and other jurisdictions are conducting investigations or making inquiries regarding trading on the foreign exchange markets."
On Friday, JP Morgan Chase added that it was also being questioned."These investigations are in the early stages and the firm is co-operating with the relevant authorities," JP Morgan said.
Mr Wheatley said "the surprise for all of us" was that the allegations about fixing forex trades and the suggestion of collusion among traders have become so strong. Other regulators around the world are also investigating possible manipulation of foreign exchange rates, but London's position at the centre of the market makes the FCA's investigation particularly significant.
Several banks, including RBS and Barclays in the UK, have launched their own internal investigations and already suspended foreign exchange traders.
So what are the authorities doing? It emerged last autumn that the Financial Conduct Authority in the UK had been looking at these allegations since the early summer. It has been joined in an international investigation by counterparts in countries like the US, Switzerland and Hong Kong.
RBS declined to comment. It is among several banks believed to have been contacted by regulators in recent weeks about foreign exchange dealing.
Regulators, including the UK's Financial Conduct Authority, are looking at allegations traders used instant messaging services to fix rates - similar to the Libor-fixing scandal which resulted in big fines for major banks in 2012. Others include Citigroup, Deutsche Bank and Barclays.
'No surprise' On Wednesday Barclays became the latest bank to confirm it had launched its own internal probe into its foreign exchange trading.
Mr Wheatley told MPs 10 banks were helping the regulator with its investigations. The head of the Financial Conduct Authority, Martin Wheatley, said last month that currency manipulation was "every bit as bad" as the Libor scandal, where banks including Barclays, Royal Bank of
Scotland and UBS paid fines totalling $6bn relating to Libor fixing.
Reports seen by the BBC suggest banks knew of unusual currency trading four years before regulators began investigating possible manipulation of rates.
"People close to the development said the meeting in New York could take place on 29 September," the Mint website says. The Economic Times feels the RBI's decision is likely to play the spoiler in the upcoming festival season when people usually make more purchases.
Meanwhile, Indian Prime Minister Manmohan Singh has confirmed that he will meet his Pakistani counterpart Nawaz Sharif on the sidelines of the UN General Assembly in New York, the NDTV website reports.
And the Bank keeps a close eye on what is going on - or should do.How did this alleged rigging happen? The suggestion is that dealers at several banks colluded over a number of years by using instant messaging systems and online chat rooms to discuss where it would be most favourable to set the day's benchmarks. A bit like the previous Libor scandal which has seen a host of banks fined hundreds of millions of pounds for wrong doing.
Continue reading the main story "Start Quote You only have to move the market a small amount for a small period, and that could be worth millions of dollars of profit for the banks"
End Quote Mark Taylor Warwick Business School Regulators around the world, including the UK's FCA, are investigating the currencies market and Barclays, RBS, Citigroup, Deutsche Bank and UBS have all confirmed that regulators have been in contact with them over the currency probe, though there is currently no evidence of wrongdoing.
The global foreign exchange market is worth more than $5tn a day, and London is the most important hub, accounting for about 40% of all foreign-exchange trading. nSuspicions of exchange rate manipulation centre on a one-minute window of trading at 16:00 every day that is used to set exchange rates.
The suggestion is that traders colluded to push through high volumes of trades in the run-up to and during the window to influence rates.
If you have any type of questions pertaining to where and the best ways to use
brokers de opciones binarias, you could call us at the internet site.
