The Bank of England’s top management moved quickly as soon as it learned that staff might not have acted on signs of possible manipulation of foreign exchanges rates and the Bank is being relentless in its investigations, Governor Mark Carney said.
The BoE last week suspended an official amid an internal review into whether Bank staff failed to flag up signs that foreign exchange traders exchanged client orders to manipulate daily benchmark exchange rates, dating as far back as 2006.
Carney, facing questions from lawmakers about the case, said he and other top officials at the BoE first became aware of the allegations on October 16 last year and he told the Bank’s governing board, its Court of Directors, on the same day.
“We convened governors, we decided to launch an investigation within 48 hours, we retained external council and they had begun a very thorough, systematic, relentless investigation,” he said.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.