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February 7, 2014

Bank of England faces scrutiny over forex

“The Bank of England is facing scrutiny over whether officials there knew and tacitly approved of the behaviour of traders who now face allegations that they rigged key foreign-exchange benchmarks.”

 

“The central bank was told by a group of traders that they were sharing information about aggregate client orders ahead of the fix of key forex benchmarks, according to two people familiar with a meeting that took place in April 2012. Bank officials told the traders that this behaviour did not breach any particular policy, the people said.”

 

“Several of those traders have since been suspended from their banks in the wake of an escalating probe into forex manipulation, the people said.”

 

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Read full Financial Times article here.

 
 
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