Thursday, January 16, 2014 11:34:36 PM
By Karin Matussek and Oliver Suess
Jan 16, 2014 4:00 PM PT 18 Comments
Germany’s top financial regulator said possible manipulation of
currency rates and prices for precious metals is worse than
the Libor-rigging scandal, which has already led to fines of
about $6 billion.
The allegations about the currency and precious metals markets
are “particularly serious, because such reference values are
based -- unlike Libor and Euribor -- typically on transactions
in liquid markets and not on estimates of the banks,” Elke
Koenig, the president of Bafin, said in a speech in Frankfurt
yesterday.
Koenig is the first global finance regulator to comment publicly
on the investigations as probes into the London interbank
offered rate, or Libor, expand into other benchmarks.
Joaquin Almunia, the European Union’s antitrust chief, said
this week that its preliminary probe into possible foreign-
exchange manipulation covers similar practices as in the
regulator’s probe into Libor-rigging.
Bonn-based Bafin said earlier this week it is investigating
currency trading, joining regulators in the U.K., U.S. and
Switzerland, who are examining whether traders at the world’s
largest banks colluded to manipulate the WM/Reuters rates, used
by money managers to determine the value of holdings in
different currencies.
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