BOE to investigate Forex

Although it has issued a clear statement that none if its staff were colluding in any way to fix or manipulate the Forex market, the Bank of England is set to investigate if the market was in any way manipulated.

It has been shown in minutes, which the possible fixing of the market was first discussed as long ago as July 2006 and since that date it has examined a huge amount of data including 15,000 emails. On top of that around 21,000 chat room records have been searched and it has examined some claims that the Bank of England officials had condoned some dealers from other banks, who had been discussing their clients’ position in these chat rooms. Forty hours of ‘phone calls have been looked at and during this enquiry, ten banks across three continents have had reason to suspend or to dismiss staff.

The Financial Conduct Authority is co-operating in full and is in fact one a number of other national regulators that are currently investigating the whole situation. Law firm Travers Smith has been appointed to prepare a report and it has been made clear that this firm is only on a fact finding mission and not an inquiry.