South Korea’s competition watchdog is probing whether local companies were adversely affected by the rigging of foreign exchange markets by six global banks.
Jeong Jae-chun, the chairman of the Fair Trade Commission, confirmed the probe during a parliamentary hearing on Wednesday but declined to give further details.
Barclays, Citigroup, JPMorgan Chase, Royal Bank of Scotland, Bank of America and UBS have agreed to pay fines more than $5.6bn in Europe and US to settle allegations they rigged the $5.3tn-a-day forex market.
Lawyers said it would probably take the regulators years to prove the damaging effects on local companies in South Korea, although their rigging of euro-dollar rates was likely to have affected local market rates such as won-dollar or won-euro.
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