Currency Markets Are Rigged
Currency markets are massively rigged.
Bloomberg reports today:
The U.S. Justice Department has opened a criminal investigation of possible manipulation of the $5.3 trillion-a-day foreign exchange market, a person familiar with the matter said.
The Federal Bureau of Investigation, which is also looking into alleged rigging of interest rates associated with the London interbank offered rate, or Libor, is in the early stages of its currency market probe, said the person, who asked not to be identified because the inquiry is confidential.
Swiss regulators last week said they were “coordinating closely with authorities in other countries as multiple banks around the world are potentially implicated.”
The U.S. investigation comes as the U.K. Financial Conduct Authority said in June it was reviewing potential manipulation of exchange rates….
- U.S. Said to Open Criminal Probe of Currency Market Rigging (bloomberg.com)
- Three Banks Are Reportedly Cooperating With A New Justice Department Criminal Probe Into Currency Market Manipulation (businessinsider.com)
- US And European Regulators Probing FX Market Rigging (zerohedge.com)
- UPDATE 1-U.S. looking at alleged forex manipulation -source (xe.com)