By STEVEN PERLBERG at Business Insider
News broke recently that Barclays has suspended six traders in an internal probe looking at whether its employees were rigging the foreign exchange market.
There's also RBS, who emailed clients Wednesday to essentially say, Yikes, we're going to go ahead and take a look at what our traders are doing in the minutes before rates are set.
Regulators in the U.S., Asia, and U.K. have all opened investigations, with multiple banks implicated. Even JP Morgan, already very much in the penalty box, has said that various regulators are prying into their currency trading practices. Here we go again!
This particular rigging saga is not to be confused with another well-known scandal — so-called Liborgate —where traders manipulated the short-term interest rate benchmark
But it looks like this (fairly similar) one may be the next big Traders Doing Very Bad Things fracas to rock the financial world.
We're here to answer your questions.…
Keep reading Business Insider – Regulators Looking At FX Market Rigging.
