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New York Said to Probe Banks' FX Algorithms

State agency looks at algorithms used in forex trading platforms of Deutsche Bank, Barclays.

By Greg Farrell, Bloomberg | Updated on December 11, 2014

New York regulators have found evidence that Barclays Plc and Deutsche Bank AG may have used algorithms on their trading platforms to manipulate foreign-exchange rates, a person with knowledge of the investigation said.

The practice suggests there may be a systemic problem involving automated tools that goes beyond individuals colluding to rig currency benchmarks and take advantage of less sophisticated clients.

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