CEO Antony Jenkins stated Wednesday, "Banks didn't have strong enough compliance departments. We've moved to strengthen ours. As I've always said, changing culture takes time. We're making progress - the industry has come a long way on both topics but we have work to do."
Read more"We have found individual cases, which are anything but reassuring. These are criminal acts could have been allowed to come about because checks have failed" - Raimund Roeseler, Chief Executive Director Banking Supervision, BaFin
Read moreAs fines have been levied, now more probes and disciplinary actions for individual traders who were alleged to be part of FX manipulation scandals are getting under way, some of the latest include one trader from UBS Switzerland and well as BNY Mellon in London. Bloomberg is reporting that co-chief currency dealer Niall O’Riordan is…
Read moreFollowing the closing of the FX rate manipulation case against six banks, US law enforcers are turning their attentions to employees who divulge customer information to other parties
Read moreIn preparation for the announcement of third quarter results for 2014, three of London's banking giants set aside £1 billion for potential settlement with the FCA on FX rate manipulation
Read moreCommerzbank has suspended two traders under suspicion of having tried to manipulate the Polish zloty's euro exchange rate in regular trading, the bank said on Wednesday.
Read moreAllegations by some media that the BoE knew about FX fix manipulation practices are groundless This has to be one of the weirdest twists in FX trading history – first of all we are getting a report by Bloomberg that officials at a major central bank, namely the Bank of England have been talking to…
Read moreFCA hints that criminal charges are coming; Asset Managers launching lawsuits. So far, the major fallout of the investigations launched by several national financial regulators into the rigging of the global currency market -- specifically into the way the daily 4pm cross currency fix is set -- has been limited to some bad press for…
Read moreBank of England officials could have known about practices surrounding the 4 pm London fix The 4pm London FX fixing scandal is taking a new direction from a document that UK’s central bank released yesterday responding to a Freedom of Information Request made by Reuters. Bank of England officials have met with senior FX dealers…
Read moreInternal investigation is suspecting benchmark manipulation of Argentinian Peso rates Deutsche Bank is the latest amongst heavyweight players in the foreign exchange industry that is parting with a trader on suspicion that benchmark forex rates have been manipulated. Sources close to the German daily newspaper die Welt have reported that the currency trader worked in…
Read more