LONDON Dec 20 The global probe into alleged
manipulation of currency rates has uncovered evidence of
collusion between traders to try to maximise profits and
minimise losses, the Wall Street Journal reported on Friday.
It cited people familiar with the investigations.
Electronic chatroom messages appear to show that traders
from different banks shared information about client orders and
agreed to sequence their own trades to take advantage, the paper
This would appear to be the first evidence of collusion
The Financial Conduct Authority, Britain's financial
watchdog, declined to comment on the report.
Chatrooms have been a focus for regulators investigating
manipulation of benchmark interest rates and possible rigging in
the $5.3 trillion-a-day foreign exchange (FX) market.
Regulators are scrutinising online messages between currency
traders to see whether there is any evidence that they worked
together improperly to influence foreign exchange "fixes" - the
daily snapshots of currency rates used by firms and portfolio
mangers for valuing assets.
Traders at banks and other financial institutions often
communicate with each other via third-party services including
those offered by Bloomberg LP and Thomson Reuters Corp TRI.TO
(parent of Reuters News).