BoE Carney Says Bank Will Be Relentless on FX Investigation

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.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza