Categories: BankingCurrenciesEuropeInternational Investing

Federal Reserve Probing Banks for Possible Forex Fixing

DonkeyHotey

Federal Reserve Probing Banks for Possible Forex Fixing (Bloomberg)

The Federal Reserve is investigating whether traders at the world’s biggest banks rigged benchmark currency rates, raising the risk that any parties found guilty of wrongdoing will be penalized for lax controls. The Fed, which supervises U.S. bank holding companies, is among authorities from London to Washington probing whether traders shared information that may have led to price manipulation in the $5.3 trillion-a-day foreign-exchange market to maximize their profits, a person with direct knowledge of the matter told Bloomberg. The source asked not to be named because the matter is confidential.

Paul Dykewicz

Paul Dykewicz is the editor of StockInvestor.com and the editorial director of Eagle Financial Publications in Washington, D.C. He writes and edits for the website, as well as edits investment newsletters, time-sensitive trading alerts and other reports published by Eagle. He also is an accomplished, award-winning journalist who has written for Dow Jones, USA Today and other publications, as well as served as business editor of a daily newspaper in Baltimore. In addition, Paul is the author of the inspirational book, "Holy Smokes! Golden Guidance from Notre Dame's Championship Chaplain." He received his MBA in finance from Johns Hopkins University, where he was a two-time president of the school's Finance Club. In addition, Paul has a bachelor's degree from the University of Michigan and a master's degree in journalism from Michigan State University. Outside of work, Paul volunteers with a faith-based organization to assist the poor in Southeast Washington, D.C., to learn personal finance skills to lift themselves out of debt.