SFO Investigates ForEx Rigging- May be Bigger Than LIBOR

House · Jul 22, 2014

The Serious Fraud Office is poised to launch the first criminal investigation into alleged rigging of the 3 trillion-a-day foreign exchange markets at leading City banks.

The financial watchdog is expected to announce the move as early as this week, according to reports, raising the spectre of further multimillion-pound fines for Britain's biggest banks over their behaviour during and after the financial crisis.

But Ross McEwan, the chief executive of Royal Bank of Scotland, said last Friday that he believes the forex probe could prove an even more serious problem for British banks than the Libor scandal, for which RBS last year paid a $612m (358m) fine.

Asked whether the FX investigation could be a bigger problem for the industry than Libor, Mr McEwan told London's LBC radio station: "Unfortunately, it has the hallmarks."

"Unfortunately, I have the feeling that this is a sort of Libor case again. The difference this time is that we haven't sat back and denied it. We've gone into it and are doing the investigation hand-in-hand with the authorities."
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Telegraph

TheEnd · Jul 22, 2014

Massive things happening before our own eyes......Lets hope thye come up with some serious info?

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SFO Investigates ForEx Rigging- May be Bigger Than LIBOR

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SFO Investigates ForEx Rigging- May be Bigger Than LIBOR

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