Fed investigating bank conduct in forex markets
WASHINGTON (Reuters) - The U.S. Federal Reserve is investigating possible improper conduct in foreign exchange markets by large banking institutions, a spokesman said on Wednesday.
"The Federal Reserve is continuing to investigate in the foreign exchange markets in coordination with other authorities, including the Department of Justice,” the spokesman said in a statement.
The Fed also is working closely with authorities overseas, according to the statement.
The announcement was made as global regulators fined five major banks, including UBS UBSN.VX, HSBC (HSBA.L: Quote) and Citigroup (C.N: Quote), $3.4 billion for failing to stop their traders from trying to manipulate the foreign exchange market.
(Writing by Doina Chiacu; Editing by Bill Trott)
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