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US regulators probe Citi for rigging currency market

U.S. regulators had visited the London offices of Citigroup amid a probe into the alleged rigging of currency markets. Officials from the Office of the Comptroller of the Currency and the Federal Reserve Bank of New York went to Citigroup’s office in Canary Wharf. Regulators are probing whether traders at the world’s largest banks colluded through instant-message groups to manipulate benchmarks such as the WM/Reuters rates. Citigroup controls about 15% of the world’s currency trading, second only to Deutsche Bank. The New York-based lender is the top-ranked trader in spot and emerging-market currencies.

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