Scope of BOE Probe certain to surprise FX Traders

Sep 9 • Extras • 2719 Views • Comments Off on Scope of BOE Probe certain to surprise FX Traders

lawyer-250x180At an interview of foreign-exchange traders by the Bank of England’s inquest as to whether the staff working there were aware of any currency-rate rigging were surprised at some very focused questions.

The investigation was called for by the U.K. central bank when it was revealed that a senior trader handed over notes on the meeting in which BOE officials were revealed to have told dealers it was ok to make known impending customer orders with counterparts outside of the firm, something at the very heart of a global probe into possible manipulation. The BOE intends to make its review broader than only one meeting whether there was any wrongdoing on behalf of the staff between July 2005 and December 2013.

The leading lawyer Anthony Grabiner has interviewed at least 2 of the traders some have said of this very private affair.

It was further mentioned that the traders agreed by their own will to be interviewed thinking it was a discussion on how themselves and other dealers were operating with no risk of self-incrimination. Both revealed they were very surprised at the line of questioning. It’s unclear whether the questioned would be called back for further inquiries.

The lawyer’s spokeswomen at the London office declined any comments on the allegations.

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