New Zealand investigating banks for alleged FX rigging

New Zealand’s competition regulator, the Commerce Commission, is investigating alleged rigging of currency markets.

The country’s four largest banks — Australia New Zealand Bank, Auckland Savings Bank, Bank of New Zealand and Westpac — all said they had not been contacted by the commission.

Major foreign banks registered in New Zealand include Britain’s HSBC, Citi, JPMorgan and Deutsche Bank. UBS operates a subsidiary in the country. Deutsche, HSBC, JPMorgan and UBS declined to comment; Citi could not be reached for comment.

Regulators from the UK, US, Europe, Hong Kong and Australia are all now investigating whether traders from different banks colluded ahead of the fixing of key currency benchmark fixings.