Just hours ago at BaFin’s annual press conference, Raimund Röseler, Head of Banking Supervision at Bafin, Germany’s financial markets regulator, revealed to the media that solid evidence has been found connecting traders to attempted manipulation of foreign exchange prices, as the Forex probe takes on a new dimension.
The breaking news was widely covered by Reuters, the Wall Street Journal, the Financial Times (FT), and Forex Magnates reached out to a BaFin press office staff member who explained that many of the agency’s senior spokespersons were still at the conference answering questions, around time of publication.
In addition, FT reporters quoted Mr. Roseler as having said that the currencies involved in the attempted manipulation weren’t the largest such as the euro or dollar, but tended to be the smaller ones. He was also quoted in the media as having said that the investigation’s revelations so far were “disturbing.”
Coverage by the Wall Street Journal (WSJ) on Libor related updates added how Mr. Roeseler said that Forex investigations into Deutsche Bank will take much longer than Libor probes because the volume of data to be reviewed is much larger, and how that [FX] probe won’t be concluded this year, and was directly quoted saying, “We never thought that liquid markets like forex can be manipulated,” as per the WSJ coverage.
Forex Magnates has written about the and to be connected to those investigations, , and tied to FX market manipulation. All of this has unfolded since , Switzerland’s financial market operator, last year.
BaFin issued an earlier press release today, which is in the process of being translated into English, along with a speech by its president Dr. Elke Köning, as explained to Forex Magnates’ reporters, which discusses ongoing regulatory developments, such as issues surrounding centralized clearing and the aim to reduce systemic risks and mitigate the destructive power of crises.
A copy of the regulator’s 2013 is also expected to be translated into English shortly, and is now available in German totaling over 230 pages outlining in great detail many of the and its interactions with other regulators across the world, as well as in dealing with industry market participants and operators, and their end-users involved.
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