The U.S. Department of Justice is preparing to impose the first fines and bring charges in the global investigation into the manipulation of foreign-exchange rates as soon as this year, a person with knowledge of the matter said.
U.S. prosecutors are broadening their investigation of the foreign-exchange industry as they question salespeople at the world’s biggest banks on their practices, according to two people with knowledge of the matter.
The U.K. markets regulator plans to scrutinize the conflicts of interest banks face when they use derivatives after fining Barclays Plc for manipulating the price of gold to avoid a payout to a client.
Britain’s markets regulator is seeking to fine former Deutsche Bank AG trader Christian Bittar about 10 million pounds ($17 million) for trying to rig benchmark interest rates, its largest ever penalty against an individual, said a person with knowledge of the situation.
The U.K. Listing Authority will publish new rules in July for companies seeking a share offering or that already list securities in the country, Financial Services Authority spokesman Chris Hamilton said.
Regulators are stepping up their scrutiny of how gold prices are set, with officials from Britain’s Financial Conduct Authority visiting Societe Generale SA to observe the so-called London fixing process, two people with knowledge of the matter 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.
A group of Co-Operative Bank Plc bondholders called on the U.K.’s Financial Conduct Authority to ensure individual investors get independent financial advice on how to respond to the bank’s plans to plug its capital deficit.