Agency Bond-Rigging Probe Is Said to Be Dropped by Britain’s FCA

The U.K. Financial Conduct Authority has closed a two-year investigation into possible manipulation of the $9 trillion agency bond market, according to people with knowledge of the situation.

The regulator wrote to traders at the center of the probe, who worked at lenders including Bank of America Corp. and Credit Suisse Group AG, in September to inform them of the decision, according to four people, who didn’t want to be identified because the letters aren’t public. A U.S. Justice Department probe is still open, two of the people said.

Hiren Gudka, formerly at Bank of America and Deutsche Bank AG, ex-Credit Agricole SA trader Amandeep Singh Manku, ex-Credit Suisse trader Shailen Pau and Bhardeep Singh Heer of Nomura Holdings Inc. all received letters from the FCA, according to the people. No details on why the probe had been closed were provided by the regulator, two…

Complete article from the original source…

Reply