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Crime Solicitors
Serious Fraud Office to investigate FX rate rigging allegations (23 July 2014)
Date: 23/07/2014
The Serious Fraud Office (SFO) has announced a criminal investigation into the alleged “rigging” of the UK currency market.
The Telegraph reports that the allegations involve traders potentially communicating with each other in online chatrooms to agree to fix benchmark prices.
In London, rates of exchange are set at 4pm every day, to be used as the benchmark prices for global currency exchanges. The 4pm “window” to set FX rates lasts just 60 seconds.
The currency market is work an estimated £3.1 trillion a day – around 15 authorities across the globe are conducting investigations into the alleged fixing of foreign exchange (FX) markets.
The Financial Conduct Authority (FCA) launched an investigation last October – major banks such as Barclays, Lloyds, JP Morgan Chase, Deutsche Bank and Citigroup have all investigated allegations of rate fixing among their own foreign exchange traders, with the result that some staff have been suspended or dismissed.
The Bank of England launched an investigation in March to establish whether any of its own foreign exchange traders had been involved in fixing rates.
A statement from the SFO released on Monday (21/07/14) reads:
“The director of the Serious Fraud Office has today opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market.”
It is thought the SFO investigation will focus on activity during the 60-second window when foreign exchange rates are set in London at 4pm.
Duncan Lewis Fraud Lawyers
Duncan Lewis is a leading firm of fraud lawyers and can advise on fraud charges at any stage of a charge – including charges relating to financial fraud, company fraud and Serious Fraud Office investigations.
Duncan Lewis fraud lawyers can also advise on charges relating to:
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For expert legal advice on fraud charges, contact Duncan Lewis fraud lawyers on 020 7923 4020.
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