South Korea’s Fair Trade Commission is probing how alleged foreign-exchange market rigging by six global banks including Barclays and Bank of America may have hurt Korean firms, the Seoul Economic Daily reported.
Bloomberg News reports that the commission last month began investigating whether manipulation of the price of U.S. dollars and euros, and of derivatives markets, damaged companies and banks, the newspaper said. The other banks are Citigroup, JPMorgan, Royal Bank of Scotland and UBS, it said.
The Fair Trade Commission is reviewing whether the activities of six global banks that were fined by the U.S. and the U.K. had affected South Korean companies, Chairman Jeong Jae Chan told lawmakers in parliament on Wednesday, without naming the banks.
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