Costs of forex manipulation could be worse than Libor
Probes into currency market manipulation are gathering pace, and the findings are expected to be every bit as damaging as those relating to Libor rigging. But they may come with an even bigger price tag. Fiona Maxwell reports
Regulators are combing through troves of emails, class-action lawsuits have been filed against dealers, and the Bank of England (BoE) is mired in controversy over what malfeasance its markets officials may have ignored or even condoned. It is all painfully reminiscent of the early days of the Libor scandal in 2012, but the cost to dealers of the escalating probe into foreign exchange market manipulation may end up being far higher.
“If lawyers end up filing the same types of claims they did for
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