German Probe Finds No Signs of Manipulation in Gold MarketShane Strowmatt and Nicholas Comfort
Germany’s financial regulator BaFin has found no evidence to support allegations of manipulation in the gold market or that currency exchange rates were systematically rigged, according to its head of banking supervision.
Raimund Roeseler also said the watchdog is close to concluding a probe into alleged attempts to rig the London Interbank Offered Rate, a benchmark for borrowing costs. He didn’t comment on the results of that investigation.
The probe into currency markets is still under way, he said. Roeseler spoke to Handelsblatt newspaper in an interview published in Frankfurt Monday. Oliver Struck, a spokesman for BaFin, confirmed the comments in an e-mail to Bloomberg News.
Banks worldwide have paid billions of dollars in fines as regulators probe allegations traders sought to profit by manipulating currency and commodity markets as well as benchmark interest rates.
Deutsche Bank AG, Germany’s largest lender, said in October that it was in talks to resolve probes into alleged attempts to rig Libor and that it was cooperating with regulators in that matter as well as in investigations of the foreign exchange market.
Armin Niedermeier, a spokesman for Deutsche Bank, declined to comment on the newspaper report when reached by phone in Frankfurt Tuesday.