Barclays and Deutsche Bank offices could be monitored in forex market fixing probe

Lynsey Barber
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US regulators plan to monitor Barclays and Deutsche Bank (Source: Getty)

Regulators want to place government monitors in the offices of Barclays and Deutsche Bank in the US as part of an investigation into alleged currency price fixing on the forex market.

The New York Department of Financial Services wants to monitor the current and historical operations of the banks, the Wall Street Journal reports.

The US regulator is involved in the global investigation, which also involves authorities in the UK, Switzerland and Hong Kong, into potential manipulation of the trillion-dollar-a-day foreign currency market, and is said to soon reach an agreement with both banks to have monitors installed.

Barclays declined to comment on the story and Deutsche Bank told Reuters in an email: “The bank is cooperating with those investigations, and will take disciplinary action with regards to individuals if merited.”

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