Goldman Sachs co-operates with foreign exchange trading inquiry

Bank joins JP Morgan, RBS, Citigroup and others involved in inquiry into potential rigging of currency benchmarks

Goldman Sachs has become the latest bank to admit it is co-operating with regulators over an inquiry into potential manipulation of the foreign exchange markets, where more than £3tn of currencies change hands each day.

In a quarterly regulatory filing with US Securities and Exchange Commission, the biggest investment bank in America added currencies and commodities to the list of items with which it is in discussions with regulators.

The bank also set aside a further $500m (£311m) to cover potential litigation in reviews by regulatory bodies.

Two other US banks – JP Morgan and Citigroup – have said they are involved in the global investigation into potential rigging of currency benchmarks. Barclays, RBS, UBS, Deutsche Bank are among the European banks also co-operating with regulators.

The announcement by Goldman came as the London Metal Exchange took steps to tackle concern about queues at its warehouses, used to store metals traded on its exchange. Reuters reported that the measures were to counter criticism that firms such as Goldman Sachs have been artificially inflating waiting times and queues to boost rents for warehouse owners and cause metal prices to rise.

Article Source : http://www.guardian.co.uk
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