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CFTC Asked Major Forex Banks to Scrutinize Records

"The Commodity Futures Trading Commission has asked major currency-dealing banks—including Deutsche Bank AG  and Citigroup Inc. — to trawl through their records as part of a global probe into possible currency-market manipulation and hand over any evidence of wrongdoing, according to people familiar with the matter.

"Deutsche Bank, the world's largest foreign-exchange-dealing bank by market share, is spending millions of dollars scouring traders' emails and chat sessions looking for specific dates, phrases and keywords, said one person familiar with the matter. Neither Deutsche Bank nor Citigroup have so far handed over materials to the CFTC, according to people familiar with the matter.

"The CFTC declined to comment.

"A slew of international authorities are working on the probe, including officials in Hong Kong and Switzerland. The U.K.'s Financial Conduct Authority said last week that it is working with other domestic and foreign agencies on the probe. The U.K. regulator also said it first asked banks in April for information on possible foreign-exchange manipulation."

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