Bank Of England Suspends Official In FX Fixing Probe

wochit business
March 05, 2014 AT 9:28 AM
The Bank of England suspended a staff member on Wednesday as part of an internal investigation into what it knew about alleged manipulation of world currency markets. The central bank also released minutes that said allegations had been raised as long ago as July 2006 that manipulation was occurring in the so-called benchmark fixings. Those fixings are used to price trillions of dollars worth of investments and deals and relied upon by companies, investors and central banks. The BoE statement said an internal review had so far found no evidence that BoE staff colluded in any such manipulation or shared confidential client information.