Britain's Financial Conduct Authority FCA and U. Investigators from the U. Justice Department and Federal Bureau of Investigation FBI are preparing to seek criminal charges against individual traders as early as next month, the Journal said.
Leslie Caldwell, head of the Justice Department's criminal division, told Reuters last week it was using more body wires and wiretaps to gather evidence in investigations. Caldwell also indicated that there may not be any prosecutions this year in the foreign exchange probe.
We're looking at the evidence, and we're still working very hard, and there is a lot left to do, so I think it's too soon to say," he said. The Journal report said it isn't clear which banks had secret informants cooperating with the government investigation.
Ethical standards in the foreign exchange market have been put under the spotlight since investigators in the United States, Europe and Asia started examining whether small groups of traders colluded to rig prices by sharing information about their clients' orders. The global inquiry has not yet concluded but the review has shaken the industry, with dozens of top dealers put on leave or fired and banks under pressure to sharpen up on supervising their traders.
Trade Representative Robert Lighthizer said on Wednesday there was no deadline for completing NAFTA trade talks between the United States, Canada and Mexico even as lawmakers warned that U. Treasury yield curve is flashing warning signs on the economy, pointing to a less optimistic prediction for longer-term economic growth at the same time as Federal Reserve officials are adopting a more aggressive tone on raising interest rates.
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