Three Banks Are Reportedly Cooperating With A New Justice Department Criminal Probe Into Currency Market Manipulation

Eric HolderReuters/Stephen LamU.S. Attorney General Eric Holder speaks on stage during the annual meeting of the American Bar Association in San Francisco, California August 12, 2013

The Department of Justice is opening up an investigation into currency market manipulation,
Bloomberg reports.
The FBI is investigating the matter as well.

RBS, Deutsche Bank and Citigroup have already started the process of going over e-mails, instant messages and other interbank communications related to currency trading.

So those could make for some interesting reading.

From Bloomberg:

The U.S. investigation comes as the U.K. Financial Conduct Authority said in June it was reviewing potential manipulation of exchange rates. That month, allegations that dealers at banks pooled information through instant messages and used client orders to move benchmark currency rates were reported by Bloomberg News. Regulators are probing the alleged abuse of financial benchmarks used in markets from oil to interest rate swaps by the firms that play a central role in setting them.

For the full story, head to Bloomberg>

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.