The ongoing investigation into alleged misconduct in the foreign exchange market has taken a new turn as Germany’s financial regulator, BaFin, recently announced that it has found firm evidence of attempts to manipulate currency rates, reports the Guardian. Whether these attempts were successful is not yet known.
A spokesperson for BaFin described the findings as “worrying” and said that the investigation was much larger than the ongoing high profile probe into interest rate fixing. The currencies involved are not thought to include any of the main global currencies, such as the euro or dollar.
Investigations are also ongoing in the UK into possible misconduct regarding the forex market. However, according to the Guardian, the UK’s Financial Conduct Authority stated as recently as April that it still had to determine whether any wrongdoing has actually taken place.
The foreign exchange market investigation is a global concern, involving the authorities of many different countries, and the number of employees suspended, placed on leave, or dismissed as a result of these investigations has now reached over 30.
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