Seeking Alpha

NY Fed inquired into forex trading before manipulation probes started

  • The NY Fed looked at the WM/Reuters fix foreign-exchange benchmark in late 2012, the WSJ reports, just a few months before other global regulators began investigating possible manipulation in the $5.3T-a-day currency markets.
  • The article didn't seem to indicate whether the Fed discovered anything untoward, although it did say that officials took no public action.
  • The Bank of England has found itself at the center of the possible scandal, as it was warned in 2008 that the WM/Reuters rate could be manipulated. The BOE has also commissioned an independent investigation into whether its staff acted improperly.
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