A UK banking regulator is joining a widening global investigation into possible manipulation of the foreign exchange markets.
The Financial Conduct Authority (FCA) has joined the Swiss regulator, FINMA, in investigating allegations of collusion between traders.
Recent media reports suggest they used instant messaging services to work together to fix exchange rates.
Hong Kong authorities are also looking into the matter.
“We can confirm that we are conducting investigations alongside a number of other agencies both in the UK and abroad into a number of firms relating to trading on the foreign exchange (forex) market,” the FCA said in a statement.
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.