October 21, 2013 / 11:44 PM / 4 years ago

CFTC asks Citigroup, Deutsche Bank to inspect records - WSJ

Oct 21 (Reuters) - The Commodity Futures Trading Commission has asked major currency dealing banks, including Deutsche Bank AG and Citigroup Inc to search their records as part of a global probe into possible currency market manipulation and hand over any evidence of wrongdoing, the Wall Street Journal reported citing people familiar with the matter.

Germany’s Deutsche Bank is spending millions of dollars going through traders’ emails and chat sessions looking for specific dates, phrases and keywords, the paper reported.

Neither Deutsche Bank nor Citigroup, the no. 3 U.S. bank, have so far handed over materials to the CFTC, according to the Journal. ()

The CFTC and Deutsche Bank were not available for comment outside regular U.S. business hours. Citigroup declined to comment.

A major issue in the investigations is the foreign-exchange “fixes,” which are snapshots of traded rates on an electronic marketplace captured at 4 p.m. London time five days a week, the Wall Street Journal reported citing people familiar with the matter.

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