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SEC said to probe whether FX rigging distorted options

While the rates arent directly followed by most investors, even small movements can affect the value of what Morningstar Inc. estimates is about $3.6 trillion in funds including pension and savings accounts that track global indexes.

By Keri Geiger and Silla Brush | Updated on March 10, 2014

March 10 (Bloomberg) — The U.S. Securities and Exchange Commission is investigating whether currency traders at the world’s biggest banks distorted prices for options and exchange- traded funds by rigging benchmark foreign-exchange rates, according to two people with knowledge of the matter.

The SEC’s inquiry adds to European and U.S. regulatory probes of possible manipulation in currency markets. The SEC’s investigation is in the early stages, said the people, who asked not to be named because the matter isn’t public. The Commodity Futures Trading Commission, which regulates foreign-exchange derivatives, is also investigating possible manipulation, another person said.

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