Forex market rigging

South Korea's anti-trust watchdog said Wednesday it has opened an investigation to see whether alleged foreign-exchange market rigging by six global banks fined in a US and Europe forex probe hurt local firms.

Fair Trade Commission head Jeong Jae-Chan told a parliamentary hearing that JP Morgan and five forex international lenders have been under investigation. He provided no further details but South Korean newspapers said the six banks under investigation included Barclays, Bank of America, Citigroup, JP Morgan Chase, Royal Bank of Scotland and UBS.

The commission rigging probing whether manipulation forex the price of US dollars and market, and of derivatives markets, damaged South Korean financial institutions and firms, the Seoul Economic Daily reported. Also in May South Africa's competition watchdog opened an investigation into foreign currency price fixing by Citigroup, Barclays, and other banks.

Investigators have accused the banks of creating market Cartel" and of using an online chat room to work with each other market set rates and sidetrack any competition.

There has been speculation that foreign exchange market rigging impacted local euro and dollar trade as well as various derivatives, resulting in losses for South Korean firms and financial institutions, Yonhap news agency said.

It quoted market watchers as saying that domestic firms, which rigging for "knock-in, knock-out" options, may have lost money because rigging caused exchange rates to forex beyond pre-set barriers.

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How the market is rigged. Hard and soft methods.