FBI Investigates Forex Market Currency “Fixes”

By on October 11, 2013

The Federal Bureau of Investigation (FBI) is investigating the $5 trillion-a-day foreign-exchange (FOREX) markets for rigging currency “fixes,” daily snapshots of trading that serve as reference points for valuing portfolios and other functions, according to the Wall Street Journal.  

Investment firms and advisers are concerned that clients are not receiving best prices for orders intended to be processed at the fix price.  European regulators including Switzerland, the U.K. and Brussels have already begun examining the FOREX markets for rigging. 

Aside from FOREX and London interbank offered rate (LIBOR) investigations, regulators are also probing benchmarks in oil prices and swaps for foul play. 

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