FCA Working with 10 Banks on FX Probe

CEO of U.K. Financial Conduct Authority says allegations are 'as bad as Libor.'

Ten banks turned over evidence to the U.K. Financial Conduct Authority (FCA) as part of an investigation into the manipulation of foreign-exchange benchmarks, its chief executive officer told lawmakers.

The allegations are “as bad as Libor,” FCA CEO Martin Wheatley told lawmakers in London today, referring to the global probe into rigging of the London interbank offered rate. Those investigations have resulted in global fines of about $6 billion, and authorities are now scrutinizing other benchmarks, such as currency rates.

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