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New Zealand Joins Nations Investigating Foreign Exchange Markets

New Zealand became the latest nation to start investigating its foreign exchange market amid international probes of alleged manipulation of benchmark currency rates.

“We’re just looking into it from a New Zealand perspective to see if there’s anything going on,” said Gordon Irving, a spokesman for the antitrust Commerce Commission in Wellington. “We can’t discuss anything when an active investigation’s under way.”

At least a dozen regulators on three continents are examining allegations first reported by Bloomberg News in June that traders colluded with counterparts at other banks to manipulate benchmark foreign-exchange rates. More than 20 traders have been suspended or fired as a result of the probes.

It’s impossible to say how long the New Zealand investigation will take and the Commission will only comment once it is completed, Irving said. The New Zealand probe was reported by Business Desk yesterday.

Australia said on March 19 it would conduct inquiries into its foreign exchange market.

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