BOE Heard Traders’ Currency-Rigging Concerns Years Ago

Bank of England officials knew of concerns the foreign-exchange market was being manipulated as early as July 2006, more than seven years before regulators opened formal probes into alleged rate-rigging.

The BOE yesterday released minutes of central bank meetings with traders from some of the world’s biggest banks where they discussed concerns that currency benchmarks such as the WM/Reuters 4 p.m. London fix were being manipulated. The central bank suspended an employee amid an internal investigation into allegations its officials condoned rigging, according to a separate statement.