UK SFO confirms FX investigation launch

Following reports over the weekend that the government body is poised to start a probe

A pair of hands resting on prison bars

The UK's Serious Fraud Office (SFO) has confirmed the launch of an investigation into allegations of market manipulation and collusion in currency markets, marking a new stage in the now year-old upheaval in FX markets.

On Monday, the SFO said it "has today opened a criminal investigation into allegations of fraudulent conduct in the foreign exchange market", confirming reports over the weekend that the government body was considering the matter.

The SFO's investigation will be headed by

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