Ten banks turned over evidence to the U.K. Financial ConductAuthority (FCA) as part of an investigation into the manipulation of foreign-exchange benchmarks, its chiefexecutive officer told lawmakers.
The allegations are “as bad as Libor,” FCA CEO Martin Wheatleytold lawmakers in London today, referring to the global probe intorigging of the London interbank offered rate. Thoseinvestigations have resulted in global fines of about $6 billion,and authorities are now scrutinizing other benchmarks, such ascurrency rates.
The regulator is investigating “a number of benchmarks thatoperate in London,” Wheatley said. The foreign-exchange probe isunlikely to be concluded this year, Wheatley said, withoutidentifying any banks under investigation.
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