Citigroup caught up in global foreign exchange probe

Citigroup has been approached by US and foreign authorities investigating possible manipulation in the foreign exchange markets, the global financial services corporation said on Friday.. Citigroup said in an earnings filing to the Securities and Exchange Commission that it has received queries on the issue.. The report comes days after Barclays Bank, Deutsche Bank, UBS and Royal Bank of Scotland having acknowledged being under investigation over foreign exchange market issues.. "Government agencies in the US and other jurisdictions are conducting investigations or making inquiries regarding trading on the foreign exchange markets," it said.. "Citigroup has received requests for information and is cooperating with the investigations and inquiries and responding to the requests.". Citigroup gave no other information on the direction of the probe.. On Thursday, Barclays Bank reported it had received enquiries on its foreign exchange trading covering several years through August 2013. The other banks acknowledged they had been contacted prior to this.. Britain's Financial Conduct Authority said last month that alongside several other agencies it was investigating a number of firms relating to trading on the foreign exchange market.. Swiss regulators have said as well that they are investigating forex market manipulation.. The banking sector has already been shaken by a rigging scandal related to the Libor, a benchmark rate for lending between banks that also determines numerous financial and interest rate contracts around the world.. That scandal has already resulted in more than $3.5 billion in government settlements with financial institutions, as well as ongoing criminal prosecutions of several traders involved.

Citigroup caught up in global foreign exchange probe

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