World’s Biggest Banks Suspected of Benchmark Manipulation Yet Again

By Jenny Park

The world’s biggest banks met with British regulators to discuss the possibility of settling the investigation into alleged manipulation of the foreign currency market. The banks’ traders are suspected of manipulating the foreign exchange rates that served as benchmarks for investments, of colluding to fix prices, and of front-running customers. With a potential fine of up to $3.3 billion, this investigation is one of many, which includes criminal investigations by U.S. and Britain. These investigations resemble an earlier crackdown on banks, which rigged the benchmark for credit card rates and other loans, which resulted in billions of dollars in penalties.

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