NY banking regulator probing Barclays, Deutsche Bank’s FX algorithm – source

(Reuters) – The New York banking regulator is investigating if Deutsche Bank (>> Deutsche Bank AG) and Barclays Plc (>> Barclays PLC) used algorithms on their trading platforms to manipulate foreign exchange rates, a source with direct knowledge of the matter told Reuters.

Benjamin Lawsky, the head of New York’s Department of Financial Services (DFS), has ordered a monitor to be installed at Deutsche Bank and already has one in place at Barclays – a move that will allow him to collect greater evidence of alleged manipulation, said the source who did not want to be named.

Deutsche Bank spokeswoman Renee Calabro declined to comment but cited an earlier statement on the probes.

“Deutsche Bank has received requests for information from regulatory authorities that are investigating trading in the foreign exchange market. The Bank is cooperating with those investigations,” Calabro said, quoting the earlier statement.

Read on.

One response to “NY banking regulator probing Barclays, Deutsche Bank’s FX algorithm – source

  1. Reblogged this on Deadly Clear and commented:
    Maybe they’ll eventually realize the entire mortgage crisis was built on the same frickin’ algorithm process and it’s all patented, licensed and trademarked as if it were legal – in the USPTO!

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