Hong Kong is reportedly set to wrap up an investigation into banks’ local foreign-exchange operations by the end of the year.
The probe has "reached an advanced stage," the Hong Kong Monetary Authority (HKMA) told Bloomberg in an e-mailed statement.
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It’s the first time the city’s de facto central bank has given a timeline.
The announcement comes in the wake of US, UK and Swiss regulators slapping almost $3.3bn fine on five banks following a global probe that started in 2013 regarding forex benchmark manipulation.
The HKMA in September directed lenders to carry out independent reviews of their foreign-exchange operations and submit the results.
HKMA added that it has maintained close dialogues with overseas counterparts, though settlements with banks and other regulators have till date excluded the Hong Kong angle.
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