Banks Said to Get Enforcement Letters in FX-Rigging Probe
This article is for subscribers only.
Banks including JPMorgan Chase & Co., Citigroup Inc. and Morgan Stanley have been notified that regulators are preparing enforcement actions on currency rigging, people familiar with the investigation said.
Talks are progressing between banks, the U.S. Federal Reserve and the Office of the Comptroller of the Currency to settle investigations into alleged manipulation of foreign-exchange markets, according to two people, who asked not to be identified because the discussions are private. Some firms have received so-called 15-day letters outlining the agencies’ findings and warning that enforcement actions are likely, the people said.