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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
Add BT as a preferred sourcePublished Thu, Dec 11, 2014 · 09:50 PM
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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