Top firms now look at sales staff in FX probes

Dog Detective

Banks including Barclays that are enmeshed in the global investigation into potential manipulation of foreign-exchange markets are looking into the possible roles played by their salespeople, according to people familiar with the matter.

The Wall Street Journal reports that the focus on sales staff, part of the banks' internal reviews of their involvement in the probe, represents an expansion of an investigation that until now dwelled primarily on whether bank traders improperly worked together to influence currency markets, these people say.

The possible involvement of salespeople could prove significant because they deal with external clients, as opposed to bank traders who mainly interact with other traders.

The investigation into potential foreign-exchange manipulation got under way in the U.K. in April when the Financial Conduct Authority started scrutinizing the market. Since then, authorities in several other jurisdictions, including the U.S., Switzerland and Hong Kong, have opened their own civil or criminal probes.

More than a half-dozen major currencies-dealing banks around the world have reported being contacted by regulators in the investigation.

Hit the link below to access the complete Wall Street Journal article:

Banks Fix on Sales in Probes

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