November 12, 2014 / 1:02 PM / 3 years ago

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.

A detail from the front of the United States Federal Reserve Board building is shown in Washington October 28, 2014. REUTERS/Gary Cameron

”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) and Citigroup (C.N), $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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