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U.K. Said to Open Probe Into Rigging of Agency-Bonds Market

  • Financial Conduct Authority targets London bond traders
  • U.K. follows U.S. criminal investigation of SSA bond market
Updated on

The U.K.’s financial regulator has opened a probe into possible manipulation in the trading of agency bonds, adding a new front to an existing U.S. criminal examination of the $9 trillion market, according to three people familiar with the matter.

The Financial Conduct Authority, which had been assisting the U.S. Justice Department in the case, has started its own investigation into supranational, sub-sovereign and agency bonds, or SSAs, said the people, who asked not to be identified because the probe is confidential. The review is at an early stage, the people said.