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US to focus on Bank of England forex probe: report

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The Bank of England's inquiry into suspected rigging of foreign exchange markets is to face close scrutiny from the US Department of Justice, the Financial Times reported Thursday.

[LONDON] The Bank of England's inquiry into suspected rigging of foreign exchange markets is to face close scrutiny from the US Department of Justice, the Financial Times reported Thursday.

The FT, which cited people familiar with the matter, reported that the DoJ was seeking to probe what the central bank knew about traders' behaviour in the forex market.

The daily newspaper added the DoJ secretly requested an interview with the Royal Bank of Scotland's former forex trading boss James Pearson, who was previously questioned as part of the BoE probe.

The report surfaced amid growing media speculation that five banks, including Britain's RBS and Barclays, are close to a settlement with global regulators over the alleged rigging of foreign exchange markets.

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The BoE's investigation found no evidence that its staff colluded in the alleged manipulation of the forex market. However, a senior official was suspended after a review of the bank's processes was triggered by the probe.

AFP

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