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Ten Banks in FX Trading Probe Have Handed Evidence to FCA

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Ten banks turned over evidence to the U.K. Financial Conduct Authority as part of an investigation into the manipulation of foreign-exchange benchmarks, its chief executive officer told lawmakers.

The allegations are “as bad as Libor,” FCA CEO Martin Wheatley said in London today, referring to the global probe into rigging of the London interbank offered rate. Those investigations have resulted in global fines of about $6 billion and led to reviews of other benchmarks, including currency rates.