The BBC has updated its cookie policy. We use cookies to ensure that we give you the best experience on our website.

This includes cookies from third party social media websites if you visit a page which contains embedded content from social media. Such third party cookies may track your use of the BBC website. We and our partners also use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on the BBC website.

However, you can change your cookie settings at any time. These are external links and will open in a new window.

Forex fixings and how they work | Reuters

Allegations of foreign exchange rate-fixing at major banks are "every bit as bad" as the Libor scandal, the boss of the UK's financial regulator has said. Martin Wheatley, the head of the Financial Conduct Authority FCAtold MPs that 10 banks were now helping with its investigation. Traders were found to have used online chat rooms to collude in setting the Libor rate - used to set the cost of borrowing between banks.

Forex scandal - Wikipedia

He revealed that the FCA's probe had now widened, and "a number of other benchmarks that operate in London" were being investigated "because of concerns that are being raised with us". Other regulators around the world are also investigating possible manipulation of foreign exchange rates, but London's position at the centre of the market makes the FCA's investigation particularly significant.

Several banks, including RBS and Barclays in the UK, have launched their own internal investigations and already suspended foreign exchange traders.

Mr Wheatley said "the surprise for all of us" was that the allegations about fixing forex trades and the suggestion of collusion among traders have become so strong. However, he told the committee that it was unlikely that the FCA's investigation would reach any conclusions this year. We are still in the investigation wystup fx options and structured products. Brexit is set to dominate as the government sets out its legislative plans for the next two years.

Cookies on the BBC website The BBC has updated its cookie policy.

Continue Change settings Find out more. Accessibility links Skip to content Accessibility Help.

BBC navigation Home Home News News Sport Weather Shop Earth Travel Capital iPlayer Culture Autos Future TV Radio CBBC CBeebies Food iWonder Bitesize Travel Music Earth Arts Make It Digital Taster Nature Local Menu. Search Search the BBC Search the BBC. BBC News News navigation Sections Find local news. Business selected Your Money Market Data Markets Companies Economy.

BFIX: Bloomberg FX Fixings - Bloomberg

Foreign exchange foreign exchange rate fixing 'as bad as Libor', says regulator 4 February These are external links future option trader magazine will open in a new window Share this with Facebook Share this with Twitter Share this with Messenger Share this with Messenger Share this with Email Share Share this with These are external links and will open in a new window Email Share this with Email Facebook Share this with Facebook Messenger Share this with Messenger Messenger Share this with Messenger Twitter Share this with Twitter Pinterest Share this with Pinterest WhatsApp Share this with WhatsApp LinkedIn Share this with LinkedIn Copy this link http: Image copyright PA Image caption Martin Wheatley says the FCA is investigating a range of benchmark rates Allegations of foreign exchange rate-fixing at major banks are "every bit as bad" as the Libor scandal, the boss of the UK's financial regulator has said.

More on this story. Barclays suspends currency traders.

RBS traders suspended in forex probe. Financial Conduct Authority joins foreign exchange probe. Top Stories PM pledges 'humility' before Queen's Speech Brexit is set to dominate as the government sets out its legislative plans for the next two years. News navigation Business Sections Your Money Market Data Markets Companies Economy Home UK UK Home England N.

Ireland Scotland Alba Wales Cymru. Business Home Your Money Market Data Markets Companies Economy.

Politics Home Parliaments Brexit Election Education Home School Report Global Education. BBC News Services On your mobile On your connected tv Get news alerts Contact BBC News. Explore the BBC Home Home News News Sport Weather Shop Earth Travel Capital iPlayer Culture Autos Future TV Radio CBBC CBeebies Food iWonder Bitesize Travel Music Earth Arts Make It Digital Taster Nature Local. The BBC is not responsible for the content of external sites.

Read about our approach to external linking.