Investment Management Association (IMA) is insisting the Financial Conduct Authority (FCA) to disclose more information related to alleged manipulation of the forex market.
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In recent times, the British trade group wrote to FCA urging how it should respond to clients’ inquiries about whether currency markets are being rigged, reported Bloomberg citing two familiar people.
FCA, which formally opened the investigation on 16 October, is working with the US Department of Justice and the Commodity Futures Trading Commission to investigate the forex market. The regulator, however, denied commenting on the current investigation.
SVM Asset Management CEO Colin McLean told Bloomberg that the company deserves to know which mechanism is involved in any wrongdoing.
"Even very small errors or issues could involve large sums of money in absolute terms and that is why it’s a concern," McLean added.
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By GlobalDataSo far, 11 banks have confirmed that authorities have contacted them, while about 12 traders have been suspended.
