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Forex probes

Forex claims ‘as bad as Libor’, says FCA

"The global investigation into the manipulation of the foreign exchange market is proving as serious as the Libor rigging probe, which has resulted in more than $6bn of fines for banks, the head of the UK’s financial watchdog warned on Tuesday.

"Martin Wheatley, chief executive of the UK’s Financial Conduct Authority, told a parliamentary hearing that allegations traders had colluded to rig prices in the $5.3tn spot market were “every bit as bad as they have been with Libor”.