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Germany claims concrete evidence of forex-rigging

  • "Multiple currencies" have been subject to attempted manipulation, says Raimund Roseler, head of banking supervision at Germany's BaFin. Those targeted tended to be the smaller currencies as opposed to large ones like the dollar and euro, he adds.
  • The news comes on the same day the EU charged three banks for anti-competitive behavior in interest rates and one day after Credit Suisse plead guilty to U.S. charges of tax evasion. Two months back, Swiss competition watchdog Weko became the first regulator to claim it had spotted illegal activity in currencies.
  • “We see continued deterioration of the litigation environment especially in the U.S.," said Deutsche Bank CFO Stefan Krause yesterday. Indeed.
  • Previously: EU charges trio of banks over rate-rigging
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