U.S. probing possible manipulation of forex markets
- The Department of Justice and the FBI have opened a criminal investigation into the possible manipulation of the $5.3T-a-day currency market, Bloomberg reports, citing a source.
- The probes add to those being carried out by U.K., EU and Swiss authorities, as well as the U.S. Commodity Futures Trading Commission.
- The source didn't say which banks the DOJ and FBI are looking at, although the news service said the U.K. probe has taken in RBS (RBS), Deutsche Bank (DB) and Citigroup (C).
- In a Bloomberg survey, traders said benchmark prices for commodities are inaccurate up to 27% of the time.