Global investigation into the alleged manipulation of foreign exchange markets

From the Financial Times:

A global investigation into the alleged manipulation of foreign exchange markets gained pace on Wednesday when the UK’s financial regulator ramped up its probe and the Hong Kong Monetary Authority joined the regulatory effort.

The UK’s Financial Conduct Authority said it had started a formal probe, following a preliminary investigation launched in June after receiving complaints alleging that banks attempted to manipulate currency benchmarks.

The FCA has already informed a handful of banks that they are part of the investigation, people close to the situation said.

Its investigation is to focus on seven or eight of the larger operators in the multi-trillion global currency market, the people said. These market leaders include banks such as Citigroup, Deutsche Bank, JPMorgan Chase, UBS and Barclays.

As Richard Murphy asks, isn’t it time we said that the world’s major banks were systemically corrupt?

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