British competition watchdog probes foreign exchange market -WSJ

Tue Aug 26, 2014 3:44pm EDT

Aug 26 (Reuters) - The UK Competition and Markets Authority (CMA) has become the latest regulator to investigate the global foreign exchange market following allegations of rigging, the Wall Street Journal reported on Tuesday, citing two people familiar with the matter.

The antitrust watchdog recently shared information relating to its investigation with Britain's Financial Conduct Authority (FCA), which is at the forefront of probes into the global currency market, the Journal reported, citing sources. (on.wsj.com/1vM8FEY)

"The CMA does not comment on whether or not it is conducting cartel investigations," a CMA spokeswoman wrote in an email, while a spokesman for the FCA declined to comment on the report.

The $5.3 trillion-a-day foreign exchange market is the world's largest and least regulated financial market and is being investigated for collusion.

Regulators in the United States, Asia and Europe are looking into possible manipulation of foreign exchange benchmarks, used to price trillions of dollars worth of investments and deals and relied upon by companies, investors and central banks. (Reporting by Karen Rebelo in Bangalore; editing by Jane Baird)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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