UBS and Deutsche Bank co-operating in Forex investigation

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UBS and Deutsche Bank confirmed they were cooperating with regulators probing alleged rigging in the $5.3tril-a-day foreign exchange market, with UBS saying it had taken 'swift action' to review its operations.

Reuters reports that the confirmations by two of the world's biggest players in the currency markets come as investigations broaden, with the U.S. Justice Department acknowledging publicly for the first time that it was involved.

UBS Chief Executive Sergio Ermotti told journalists on Tuesday that his bank had moved quickly to launch an internal investigation of its forex operations and was working with regulators. He did not provide further details.

Deutsche Bank said separately that it was cooperating with regulators and that the investigations were 'in early stages'. Deutsche declined to comment further.

Several countries have now opened investigations amid media reports that traders have manipulated some fixings - snapshots of where currencies are trading at a particular time in the market - which are used to price trillions of dollars worth of investments.

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UBS, Deutsche Bank confirm cooperation in forex probes

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