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Investigators Find Evidence of FX Collusion – Report

Authorities investigating the alleged manipulation of FX markets around the 4PM Fix have found evidence of collusion according to a report in the Wall Street Journal.

Citing people familiar with the investigation, the Journal claims that chat room messages have been discovered indicating that traders shared information about client orders and arranged a sequence at which these trades would be entered into the market. The UK’s FCA declined to comment on the report.

If true, these messages would represent the break in the case for the investigators and are likely to lead to criminal action being brought against the traders and regulatory action against the institutions involved.

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