Forex is the new Libor

Already hammered by their role in the 2008 financial crisis and the rigging of the key bank rate LIBOR, the global banking sector looks set to take another battering to its reputation as investigations start into the fixing of foreign exchange. (from CNBC)

currency

 

BarclaysUBS and Deutsche Bank have all announced that they are in the early stages of reviewing their trading practices after being contacted by regulators.

U.K. lender Royal Bank of Scotland has also confirmed to CNBC that it is currently “considering processes” around its foreign exchange trading operations.

 

Panagiotis Spiliopoulos, head of investment banking research at Bank Vontobel told CNBC that any fallout from the probe will likely weigh on analysts’ outlooks for banking stocks.

FBI probe

The US Federal Bureau of Investigation launched an investigation into alleged Forex rigging in October.

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s