HK, NZ investigate banks over FX rigging
Print Edition
REGULATORS in Hong Kong and New Zealand said yesterday that they are investigating banks’ conduct in the foreign exchange market as part of an investigation tied to the global probe into forex markets.
The move shows that the regulatory crackdown on the US$5.3-trillion-a-day market is escalating and continues to broaden from Europe to other parts of the world.
The Hong Kong Monetary Authority said in a statement that it is requiring several banks to conduct independent reviews of their forex divisions and to then send the HKMA the results. “The HKMA is investigating a number of banks,” an HKMA spokeswoman said.
A spokesman for New Zealand’s Commerce Commission said it had also started looking into the matter. “We’ve got an investigation but that’s all we’re saying because it’s an active investigation,” he said.
Regulators in Hong Kong, the third-largest foreign exchange market in Asia after Singapore and Tokyo, said in October they were in contact with foreign regulators about the matter.
Market watchdogs around the world are looking closely at traders’ behavior on a number of key benchmarks, spanning interest rates, forex and commodities markets.
Several banks and brokers have already been fined billions of dollars for manipulating benchmark interest rates, but the foreign exchange probe could prove to be even more costly given the size of the market and scale of investigation.
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