New York’s banking regulator to seek Forex monitors at Deutsche, Barclays…


A quick tidbit and update to the Forex probes which have roiled the bank sector of the FX industry. The Wall Street Journal reported earlier today that New York’s banking regulator is seeking to place monitors at Deutsche Bank, and Barclays as part of an investigation into whether traders manipulated benchmark currency rates, a person briefed on the matter said.

Benjamin Lawsky, superintendent of New York’s Department of Financial Services, contacted lawyers for the banks about his plan following an initial review of the possible manipulation, said the person, who asked not to be named because the investigation is not public.

For a refresher…regulators and prosecutors in Europe, the U.K. and U.S. and other jurisdictions are investigating allegations that dealers at the world’s biggest banks traded ahead of their clients and colluded to rig the WM/Reuters rate, a benchmark that businesses, pension funds and money managers use to determine what they pay for foreign currencies. More than 25 traders have been fired, suspended or put on leave after the allegations emerged last year.

Both banks declined comment at this time, it is also known that Lawsky’s office has asked for documents and electronic communications related to currency trading practices at more than a dozen banks, including Goldman Sachs Group, Lloyds Banking Group, Royal Bank of Scotland, and Credit Suisse the person has said.

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New York’s banking regulator to seek Forex monitors at Deutsche, Barclays...

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