DOJ Probes Banks for Manipulating Treasuries Market

By on June 8, 2015

The Department of Justice (DOJ) is investigating at least three banks for possible manipulation of the $12.5 trillion U.S. Treasuries market, according to the New York Post.

U.S. Treasury securities, regarded as one of the most liquid and trusted debt in the world, include bills, notes and bonds with maturities ranging from a few weeks to 30 years.  Treasuries are sold through regular auctions involving institutional investors placing secret ballot competitive bids and non-competitive bids.

The probe follows DOJ levying billions of fines last month against five banks in connection with LIBOR and foreign currency manipulation allegations.   Citicorp, JPMorgan, Barclays, and RBS plead guilty to forex manipulation charges, and UBS settled interest-rate manipulation charges with the DOJ.
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