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Broadening Investigation into FX Trading

How asking for "at-best price" and other common practices put corporate FX customers at risk of being overcharged.

By Keri Geiger, Liam Vaughan, and Julia Verlaine, Bloomberg | Updated on June 19, 2014

U.S. prosecutors are broadening their investigation of the foreign-exchange industry as they question salespeople at the world’s biggest banks on their practices, according to two people with knowledge of the matter.

The Department of Justice has been asking bankers and clients how much sales teams charge customers to exchange currency, the people said, asking not to be identified because the interviews are private. The move is the first indication prosecutors are probing sales practices.

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