The Bank of England (BoE) has issued a press release noting that it is a matter of public record that it has been conducting an internal review into allegations that its officials condoned or were informed of manipulation in the foreign exchange market or the sharing of confidential client information.
The BoE states that its review of documents, emails and other records has to date found no evidence that its staff colluded in any way in manipulating the foreign exchange market or in sharing confidential client information. However, the BoE also states that it requires its staff to follow rigorous internal control processes and has suspended a member of staff, pending further investigation into compliance with those processes.
The BoE also states that the Oversight Committee of its Court of Directors will lead an investigation to assess whether any of its officials were:
- either: (i) involved in attempted or actual manipulation of the foreign exchange market (including the WMR FX benchmark); or (ii) aware of attempted or actual manipulation of the foreign exchange market; or (iii) aware of the potential for such manipulation; or (iv) colluded with mark participants in relation to any such manipulation or aware of any such collusion between participants;
- either: (i) involved in the sharing of confidential client information; or (ii) aware of the sharing of such information between participants for the purposes of transacting business in the foreign exchange market; or
- involved in, or aware of, any other unlawful or improper behaviour or practices in the foreign exchange market.
View News release – Foreign Exchange market review, 5 March 2014