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Deutsche Bank confirms involvement in foreign exchange probes

Men walk past a logo of Deutsche Bank AG in Tokyo September 9, 2013. REUTERS/Toru Hanai
Men walk past a logo of Deutsche Bank AG in Tokyo September 9, 2013. REUTERS/Toru Hanai

FRANKFURT (Reuters) - Deutsche Bank confirmed it was cooperating with regulators probing the foreign exchange market as investigators across the globe look into the multi-trillion industry that sets foreign currency rates.

"Deutsche Bank has received requests for information from certain regulatory authorities who are investigating trading in the foreign exchange market. The bank is cooperating with those investigations, which are in early stages," the bank said in its quarterly report published on Tuesday.

Investigations into the $5 trillion-a-day market have broadened with the U.S. Justice Department confirming for the first time publicly that it was involved.

Authorities in Switzerland and Britain are also looking into whether traders at banks sought to manipulate benchmark foreign currency rates.

Britain's Financial Conduct Authority (FCA) said in June it was probing whether dealers had manipulated foreign exchange benchmarks by trading ahead of their own customers' orders, a practice known in the markets as "front running".

A spokesman at Deutsche Bank declined to comment.

(Reporting by Edward Taylor; Editing by Thomas Atkins and Anthony Barker)

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