Bank of England officials knew of concerns the foreign-exchange market was being manipulated as early as July 2006, more than seven years before regulators opened formal probes into alleged rate-rigging.
Martin Wheatley, who leads London’s top markets watchdog, says he wishes he could bike to and from his home in Greenwich, a borough along the Thames. He can’t because he’s lugging too much paperwork around.
Bank of England officials told currency traders it wasn’t improper to share impending customer orders with counterparts at other firms, a practice at the heart of a widening probe into alleged market manipulation, according to a person who has seen notes turned over to regulators.
The U.S. Securities and Exchange Commission suspended trading in 255 dormant shell companies “ripe for abuse” in the over-the-counter market as part of “Operation Shell-Expel,” an effort to fight fraud in the microcap market, the agency said in a statement.
The Bank of England governing board’s refusal to disclose its discussions during the financial crisis was “unsatisfactory” and prevented Parliament from holding the bank to account, Treasury Committee Chairman Andrew Tyrie said.
It’s 20 minutes before 4 p.m. in London and currency traders’ screens are blinking red and green. Some dealers have as many as 50 chat rooms crowded onto four monitors arrayed in front of them like shields. Messages from salespeople and clients appear, get pushed up by new ones and vanish from view. Orders are barked through squawk boxes.
U.K. finance minister George Osborne and Bank of England Governor Mervyn King will face scrutiny from Parliament’s Treasury Committee led by Conservative lawmaker Andrew Tyrie , who beat rival Michael Fallon to become chairman.
The U.K. government risks making a “botched job” of banking reform by trying to speed up passage of a bill setting new standards for the industry, said Andrew Tyrie, the chairman of Parliament’s Treasury Committee.