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ASIC to look at forex price-rigging

20 March 2014 4:54PM
International investigations into allegations of price-rigging by foreign currency traders and banks are about to spread to Australia, according to a report in the Financial Times.The FT quoted Australian Securities and Investments Commission chairman, Greg Medcraft, who said ASIC was commencing a review "to ascertain whether any misconduct relating to foreign exchange trading may have occurred in Australia."So far 12 counties and 15 banks across Europe, the US and Asia have been drawn into the scandal. Traders and banks are alleged to have shared information about client orders in an attempt to manipulate foreign exchange benchmarks.Medcraft said ASIC's investigations were at an early stage and there was no evidence yet that any wrongdoing had taken place.

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