SYDNEY, March 19 Australian regulators are
launching a review into dealings in the country's foreign
exchange market, joining a worldwide push to investigate
allegations of price-rigging of global benchmarks by banks and
It is the first time Australian banks have been drawn into
price-fixing probes in currencies. The investigations are
already underway in Europe and the United States.
"We are aware of the reports of international regulatory
enquiries on potential misconduct in other jurisdictions in
relation to the FX market," Australian Securities and Investment
Commission (ASIC) spokesman Andre Khoury told Reuters on
"We will conduct our own enquiries in Australia."
Britain's Financial Conduct Authority (FCA) and the U.S.
Department of Justice have been investigating allegations that
traders at some of the world's biggest banks manipulated the
largely unregulated $5.3 trillion-a-day foreign exchange market.
Britain's financial watchdog said it was unlikely to reach
any conclusions this year in its probe into potential
manipulation of foreign exchange markets.
The Financial Stability Board, which coordinates regulation
for the Group of 20 leading economies, is also defining the work
it will do on issues around forex benchmarks, it said in
Regulators are looking at whether traders at some of the
world's biggest banks with advance knowledge of customer orders
tried to manipulate benchmark foreign-exchange rates used to set
the value of trillions of dollars of investments.
(Reporting by Melanie Burton; Editing by Ryan Woo)