-- The UK’s Financial Conduct Authority started its investigation into possible gold benchmark rigging in November, but a larger investigation started last April when the authority started looking into the forex trading practices of Deutsche Bank, Barclays, Citigroup, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Royal Bank of Scotland, Standard Chartered, and UBS. Six other regulators are helping with the worldwide investigation. US and European authorities are also closely reviewing the case, but haven’t accused banks of any wrongdoing in either gold or forex fixing. However, experts do say the practice is out of date, and susceptible to abuse because of lax oversight. Germany’s financial regulator was the first to comment, and likened possible gold, silver, and forex manipulation to the scale of the Libor-scandal, which led to $6 billion in fines against banks
Posted on: Fri, 28 Nov 2014 09:28:46 +0000
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