Barclays forex dealings probed

Barclays is among companies under investigation for possible manipulation of foreign exchange trading, the British bank said yesterday.

Barclays, which is still looking to repair its reputation following its role in the Libor interest rate-rigging scandal, said it was unable to predict the fallout of the latest worldwide probe into financial sector activity.

Deutsche Bank revealed on Wednesday that it too was being investigated over its foreign exchange trading, alongside Swiss bank UBS and Britain's state-rescued Royal Bank of Scotland which have also come forward.

Barclays said it "has received inquiries from certain ... authorities related to their particular investigations, is reviewing its foreign exchange trading covering a several year period through August 2013 and is co-operating with the relevant authorities in their investigations".

British regulator the Financial Conduct Authority is investigating a number of firms relating to trading on the foreign exchange market.

Deutsche Bank revealed on Wednesday that it was co-operating with several regulators over the affair.

The banking sector has already been shaken by a rigging scandal related to the Libor, a rate for lending between banks that also determines numerous financial and interest rate contracts around the world.

UBS was fined 1.4 billion Swiss francs by US, British and Swiss authorities for its role in that market manipulation.


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