Regulator questions dozens of traders over electronic FX trading

Trading Desk

New York's banking regulator has questioned dozens of traders and executives at Credit Suisse, Barclays, Deutsche Bank and other banks about whether their electronic foreign exchange trading platforms were rigged, according to a person familiar with the matter.

Reuters reports that the interviews, which have taken place over recent months, provide evidence the latest probe of major banks over foreign exchange rate manipulation is heating up.

The questioning has been conducted by lawyers at New York’s Department of Financial Services. A spokesperson for the New York banking regulator declined to comment. Representatives of Credit Suisse, Barclays and Deutsche had no immediate comment.

Seven banks have already paid over $10bn to authorities in the U.S. and Europe for failing to stop traders on the spot market from trying to rig foreign exchange rates, with some pleading guilty to criminal charges. 

To access the complete Reuters article hit the link below:

Traders questioned as NY probe of automated FX heats up

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