Report - Deutsche Bank and Barclays probe will look at FX algorithms

Deutsche Bank - External

The New York banking regulator is investigating if Deutsche Bank and Barclays used algorithms on their trading platforms to manipulate foreign exchange rates, a source with direct knowledge of the matter told Reuters.

The news agency reports that Benjamin Lawsky, the head of New York's Department of Financial Services (DFS), has ordered a monitor to be installed at Deutsche Bank and already has one in place at Barclays - a move that will allow him to collect greater evidence of alleged manipulation, said the source who did not want to be named.

Last month, regulators fined six major banks a total of $4.3 billion (£2.7 billion) for failing to stop traders from trying to manipulate the foreign exchange market, following a yearlong global investigation. Deutsche Bank and Barclays were not among the six banks.

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New York banking regulator probing Barclays, Deutsche Bank's FX algorithm - source

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