10 Feb 2015
NY regulator sends subpoenas to more banks on possible fx rigging
FXStreet (Córdoba) - The New York Department of Financial Services has sent subpoenas to Goldman Sachs , Credit Suisse, BNP Paribas and Societe General, expanding its probe of possible rigging of exchange rates via computer programs, according to Reuters report.
The Department of Financial Services, in charge of Benjamin Lawsky, wants to probe whether softwares allow banks to front-run or otherwise take advantage of clients. At issue is a latency period between the time an offer is floated and accepted.
According to Reuters, subpoenas were sent in December to these four banks, which are processing the information demanded. The department was already probing Barclays and Deutsche Bank.
The Department of Financial Services, in charge of Benjamin Lawsky, wants to probe whether softwares allow banks to front-run or otherwise take advantage of clients. At issue is a latency period between the time an offer is floated and accepted.
According to Reuters, subpoenas were sent in December to these four banks, which are processing the information demanded. The department was already probing Barclays and Deutsche Bank.