A UK banking regulator is joining a widening global investigation into possible manipulation of the foreign exchange markets.

The Financial Conduct Authority (FCA) has joined the Swiss regulator, FINMA, in investigating allegations of collusion between traders. Recent media reports suggest they used instant messaging services to work together to fix exchange rates. Hong Kong authorities are also looking into the matter."We can confirm that we are conducting investigations alongside a number of other agencies both in the UK and abroad into a number of firms relating to trading on the foreign exchange (forex) market," the FCA said in a statement"As part of this we are gathering information from a wide range of sources including market participants. Our investigations are at an early stage and it will be some time before we conclude whether there has been any misconduct which will lead to enforcement action.".......Read more here