Fund managers and electronic traders for the first time account for more than half the $5.3 trillion- a-day currency market as regulators investigate at least 11 dealers for alleged collusion on benchmark rates.
The U.K.’s Investment Management Association, whose members oversee about 4.5 trillion pounds ($7.4 trillion) of assets, is pressing regulators to provide more information about the alleged manipulation of the foreign- exchange market, said two people with knowledge of the matter.
UBS AG, Switzerland’s biggest bank, is banning the use of multibank and social chat rooms at its investment-banking division as global regulators probe the alleged manipulation of foreign exchange rates.
British regulators expanded their probe into the manipulation of global currency markets by asking banks to examine foreign-exchange traders’ personal transactions, said a person with knowledge of the matter.
Goldman Sachs Group Inc., the world’s most profitable securities firm before the financial crisis, said it’s under investigation by regulators probing the potential manipulation of foreign-exchange rates.
Lloyds Banking Group Plc, Britain’s largest mortgage lender, opened an internal probe into its currency-trading operations as regulators around the world scrutinize the possible manipulation of foreign-exchange rates.
FTSE Group, the compiler of Britain’s FTSE 100, is reviewing the currency benchmarks it uses to value its global stock indexes amid a widening investigation into alleged manipulation of the $5.3 trillion-a-day foreign exchange market, said three people with knowledge of the plan.
Royal Bank of Scotland Group Plc is reviewing how it trades in the minutes before key foreign exchange benchmarks are set amid a regulatory probe into possible manipulation of the $5.3 trillion-a-day market.