New York AG said investigating possible manipulation in FX trading

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The New York attorney general is investigating possible manipulation in foreign-exchange trading, according to a person familiar with the matter, aiming more scrutiny at a market already tainted by scandals that have led to billions of dollars in fines.

Bloomberg News reports that the investigation centres on brokers who may be placing fake orders, a technique sometimes called spoofing, according to the person. These practices are also referred to as ghosting, because they create the impression of activity that isn’t really there.

New York’s top cop, Eric Schneiderman, has sought to expand his oversight over financial markets, targeting allegedly unfair practices in the U.S. stock market over the past year. In the latest investigation, his office has sent subpoenas for records to interdealer brokers including TFS-ICAP, Tullett Prebon, BGC Partners and GFI Group, the person said.

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