{"id":33422,"date":"2014-07-21T16:52:02","date_gmt":"2014-07-21T16:52:02","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=33422"},"modified":"2014-07-21T16:52:02","modified_gmt":"2014-07-21T16:52:02","slug":"sfo-investigates-price-rigging-in-foreign-exchange-market","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=33422","title":{"rendered":"SFO investigates price rigging in foreign exchange market"},"content":{"rendered":"<p id=\"story_continues_1\">The Serious Fraud Office (SFO) has launched a criminal investigation into allegations of price rigging in the \u00a33tn-a-day foreign exchange market.<\/p>\n<p>The probe will look into allegations of &#8220;fraudulent conduct&#8221;, the director of the SFO\u00a0<a href=\"http:\/\/www.sfo.gov.uk\/press-room\/latest-press-releases\/press-releases-2014\/forex-investigation.aspx\">said in a statement.<\/a><\/p>\n<p>Around 15 international agencies are investigating allegations of collusion and price manipulation.<\/p>\n<p>It is alleged that traders used online chatrooms to plan the fixing of benchmark prices.<\/p>\n<p>The Financial Conduct Authority (FCA) said in October it had joined other regulators around the world in scrutinising firms over the potential manipulation of the foreign exchange market.<\/p>\n<p><a href=\"http:\/\/www.bbc.co.uk\/news\/business-24773173\">Several investment banks<\/a>, including Barclays and HSBC have already suspended currency traders due to the investigation by the FCA.<\/p>\n<p>And in March this year\u00a0<a href=\"http:\/\/www.bbc.co.uk\/news\/business-26450643\">the Bank of England suspended<\/a>\u00a0one member of staff over the probe.<\/p>\n<p><strong>&#8216;Bad&#8217; markets<\/strong><\/p>\n<p>At the time the head of the Financial Conduct Authority, Martin Wheatley, said that currency manipulation was &#8220;every bit as bad&#8221; as the Libor scandal, where banks including Barclays, Royal Bank of Scotland and UBS paid fines totalling $6bn relating to Libor fixing.<\/p>\n<p>For the criminal probe the SFO will work in co-operation with the FCA and the US Department of Justice, which announced its own criminal investigation last October.<\/p>\n<p>Earlier this year US prosecutors flew to London to question individuals over allegations of market manipulation.<\/p>\n<p>&nbsp;<\/p>\n<p>Source: BBC<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Serious Fraud Office (SFO) has launched a criminal investigation into allegations of price rigging in the \u00a33tn-a-day foreign exchange market. The probe will look into allegations of &#8220;fraudulent conduct&#8221;, the director of the SFO\u00a0said in a statement. Around 15 international agencies are investigating allegations of collusion and price manipulation. It is alleged that traders [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":33423,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[2,19],"tags":[4],"class_list":["post-33422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education","category-health","tag-st-augustines-college"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/33422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33422"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/33422\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/media\/33423"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}