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Last updated: January 15, 2014 11:55 am
At least six authorities across the globe – the European Commission, Switzerland’s markets regulator Finma and the country’s competition authority Weko, the UK’s Financial Services Authority, the Department of Justice in the US and the Hong Kong Monetary Authority – are investigating whether traders in some of the world’s biggest banks colluded to manipulate benchmark rates in the foreign exchange market.
Here is how the investigations have gathered pace:
June 12 2013
The UK markets regulator launches a preliminary investigation after receiving complaints banks traded ahead of customer orders and attempted to manipulate benchmarks.
UK regulator investigates FX rates trade
Forex fixing hits regulator’s radar
October 4 2013
Switzerland’s competition and markets regulators confirm they are investigating several banks.
Switzerland’s financial regulator launches foreign exchange probe
October 7 2013
The EU competition commissioner says his officials are in contact with the Swiss regulators and ready to become involved in the forex investigations.
EU set to act on forex manipulation claims
October 9 2013
Royal Bank of Scotland hands over records of instant message strings sent by a former currency trader to the UK Financial Conduct Authority.
RBS sends forex trader’s records to regulator
October 16 2013
The UK’s Financial Conduct Authority confirms it has started a formal probe following its preliminary investigation in June.
The Hong Kong Monetary Authority becomes the first Asian authority to say publicly it is involved in the investigation and talking to individual banks.
HK watchdog joins global forex probe
October 28 2013
UBS and Deutsche Bank become the first banks to confirm in their quarterly reports they are involved in the global probe. UBS says it has begun an internal investigation and Deutsche confirms it is co-operating with regulators.
Day of reckoning as European banks’ bill for misconduct mounts
October 29 2013
The US Department of Justice confirms both its criminal and antitrust divisions are investigating
October 30 2013
Barclays announces it has launched an internal investigation into its foreign exchange trading operations.
It adds it is “reviewing its foreign exchange trading covering a several year period through August 2013 and . . . co-operating with the relevant authorities in their investigations”.
Barclays launches internal probe of forex trading operations
October 31 2013
RBS suspends two traders in its foreign exchange division.
RBS suspends two forex traders
November 1 2013
Citigroup and JPMorgan become the latest banks to confirm they are co-operating with regulators.
Citigroup and JPMorgan confirm forex investigations
Barclays suspends six foreign exchange traders, including its chief currency trader in London, as part of its internal inquiry.
Barclays suspends six foreign exchange traders
Probes into forex trading spread across globe
November 4 2013
HSBC is the latest major bank to confirm it is co-operating with regulators.
Stuart Gulliver, chief executive, said no one had been suspended from the bank over the affair and the “names given to us so far don’t work for us any more”.
Cost efficiency gains help HSBC to $4.5bn profit in third quarter
November 7 2013
Goldman Sachs confirms in its third quarter filing it is involved in the global probe.
Goldman Sachs discloses FX investigation
November 12 2013
The probe widens to include 15 of the world’s biggest banks as well as some of the most actively traded currencies.
Biggest banks face forex probe questions
January 10 2014
Citigroup fires Rohan Ramchandani, its former head of European spot trading who was already on leave, amid the global rate-fixing probe
Citigroup forex trader fired amid global probe
January 14 2014
Deutsche Bank suspends several traders as part of an internal investigation into the suspected manipulation of the foreign exchange market
Deutsche Bank suspends several traders
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