Global Financial Watchdog To Probe Forex Benchmarks

Law360, New York (February 14, 2014, 3:00 PM EST) -- The Financial Stability Board, the top financial regulator in the world, announced Friday that it will review the process by which foreign exchange benchmarks are set, the latest development in a global investigation into the alleged rigging of key interest rates by the world's largest banks.

The board launched its own inquiry after billions in penalties have been assessed against giants of the financial industry by international regulatory agencies in connection with alleged plots to manipulate the London Interbank Offered Rate and other lending benchmarks, which...
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