The Bank of England has been dragged into the mounting controversy over allegations of price fixing in the £3tn-a-day foreign exchange markets after it emerged that a group of traders had told the Bank they were exchanging information about their clients’ position. The latest twist in the unfolding saga – already the subject of investigations by regulators around the world – puts the focus on a meeting between key officials at the central bank and leading foreign exchange dealers in April 2012, when they discussed the way they handled trades ahead of the crucial setting of a benchmark in the prices of major currencies. This benchmark is used to price a wide variety of financial products and is the subject of regulators’ attention amid allegations that traders at rival banks were sharing information about their orders from clients to manipulate the price. The Bank of England has previously released brief details of the April 2012 meeting, but Bloomberg reported that a senior trader who attended the meeting had made notes showing that officials did not believe it was improper to share customer orders. According to Bloomberg, there had been a 15-minute conversation on currency benchmarks during which traders said they… Read full this story
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