March 5, 2014 / 12:45 PM / 3 years ago

BoE says regular FX dealers meetings discontinued after Feb 2013

2 Min Read

LONDON, March 5 (Reuters) - Regular meetings between Bank of England officials and top foreign exchange dealers in London were discontinued in February last year, the BoE told Reuters on Wednesday.

This last meeting of the Foreign Exchange Joint Standing Committee's chief dealers subgroup (CDSG) took place four months before media reports of allegations of currency market manipulation.

The CDSG, held under the auspices of the BoE to discuss industry issues and usually chaired by the Bank's chief dealer Martin Mallett, last met at the Bank of England's offices in Threadneedle Street in London.

Minutes of all CDSG meetings going back to 2005, seen by Reuters in response to a Freedom of Information request, show that another meeting had been scheduled for 4 July, 2013. But a Bank spokesperson confirmed that meeting never took place.

In June, reports first surfaced that senior dealers at banks had allegedly shared market-sensitive information via electronic communications to manipulate the daily benchmark "fixing" rates known as the "London fix".

The CDSG was set up in 2005 by the BoE's Mallett and met up to four times a year. The BoE spokesperson was unable to say why no meetings had taken place since February last year. (Reporting by Jamie McGeever; Editing by Alexander Smith and Mike Dolan)

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