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US regulator opens foreign exchange probe

The New York State Department of Financial Services has opened a further investigation into suspected manipulation of currency rates at investment banks. 

According to reports, banks including RBS and Lloyds have been written to with requests for documents. 

The probe comes after FCA chief executive Martin Wheatley told the Treasury Select Committee this week the regulator’s investigation into possible FX fixing has the potential to be worse than the Libor scandal.

It was yesterday alleged that Lloyds had suspended one of its most senior currency traders amid pressure from regulators.

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  1. When will someone investigate the manipulation of the Gold Bullion markets – half of it through the LBMA daily “fix” (an appropriate word”) and half of it through the BIS FX dealing. Of course they won’t because it is being manipulated on behalf of the major governments and central banks.

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