LONDON Wed Mar 12, 2014 10:19am EDT
A man travels in a double-decker bus as it passes the Bank of England in
central London March 24, 2010.
Credit: Reuters/Darrin Zammit Lupi
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(Reuters) - A top London lawyer who investigated phone hacking at News
Corp's British newspapers will lead a probe into the role of Bank of
England officials in the possible manipulation of foreign exchange rates.
The Bank of England said on Wednesday that the Oversight Committee of
its governing body nominated lawyer Anthony Grabiner to lead the
investigation into whether staff turned a blind eye to signs of
manipulation in the $5.3 trillion-a-day global market, for which London is
the main hub.
Grabiner is a London-based commercial lawyer who has been involved in
high-profile litigation cases.
In 2011, he was appointed by Rupert Murdoch's News Corp to chair a
committee to oversee compliance, ethics and government procedures at the
newspapers at the center of Britain's phone hacking scandal.
The announcement comes a day after the BoE Governor Mark Carney faced
hours of grilling from lawmakers, a large part which was dominated by the
bank's response to allegations that key currency benchmarks had been
rigged.
The BoE is under pressure from members of parliament to show it can
police itself rigorously. Lawmakers have criticized the Bank's governance
system, centered on its Court of Directors, as outdated.
Last week, the BoE suspended an employee as part of an initial review
into the foreign exchange case. The separate investigation by the Court's
Oversight Committee, which Grabiner will lead, was announced last week.
The conclusions of the investigation are likely to be published only
after a separate probe by the Financial Conduct Authority (FCA), Britain's
main markets regulator, is completed, the statement said.
The FCA and the BoE were among authorities to open investigations into
the allegations last October.
Carney said on Tuesday that a new deputy governor position, responsible
for banking and markets, will be created as part of a broader shake-up at
the bank.
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1 comment:
Why do you always need to manipulate things illegaly? What is lead fx?
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