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Commerce Commission confirms forex investigation

Commerce Commission confirms forex investigation

Issued 7 April 2014
Release No. 91

The Commerce Commission has confirmed that it has an investigation into possible manipulation of currency rates and possible influencing of benchmarks in foreign exchange (forex) markets.

The investigation was commenced as a result of a leniency application under the Commission’s cartel leniency policy.

The Commission will not be commenting further at this time.

Background

The Commission operates a cartel leniency policy to encourage reporting of cartels. Conditional immunity from prosecution is offered to the first member of a cartel who tells the Commission about its operation and provides evidence to the Commission. More information about the cartel leniency policy can be found at
http://www.comcom.govt.nz/the-commission/commission-policies/cartel-leniency-policy/

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