NY probing Deutsche Bank, Barclays' FX algorithms: source
Evidence may have been found to show that banks have tools in their platforms to manipulate rates
New York
NEW York regulators have found evidence that Barclays Plc and Deutsche Bank AG may have used algorithms on their trading platforms to manipulate foreign exchange rates, a person with knowledge of the investigation said.
The practice suggests that there may be a systemic problem involving automated tools that goes beyond individuals colluding to rig currency benchmarks and take advantage of less sophisticated clients.
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